Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | UFCS | |
Entity Registrant Name | UNITED FIRE GROUP INC | |
Entity Central Index Key | 101,199 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 25,205,806 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fixed maturities | ||
Held-to-maturity, at amortized cost (fair value $196 in 2017 and $199 in 2016) | $ 195 | $ 198 |
Available-for-sale, at fair value (amortized cost $2,914,524 in 2017 and $2,887,505 in 2016) | 2,932,188 | 2,898,126 |
Trading securities, at fair value (amortized cost $13,264 in 2017 and $13,054 in 2016) | 14,971 | 14,390 |
Equity securities | ||
Available-for-sale, at fair value (cost $67,977 in 2017 and $68,504 in 2016) | 275,684 | 270,416 |
Trading securities, at fair value (cost $5,861 in 2017 and $5,434 in 2016) | 6,183 | 5,644 |
Mortgage loans | 3,640 | 3,706 |
Policy loans | 5,396 | 5,366 |
Other long-term investments | 67,024 | 67,639 |
Short-term investments | 175 | 175 |
Total investments | 3,305,456 | 3,265,660 |
Cash and cash equivalents | 93,656 | 110,853 |
Accrued investment income | 28,134 | 25,056 |
Premiums receivable (net of allowance for doubtful accounts of $1,056 in 2017 and $1,255 in 2016) | 324,428 | 306,202 |
Deferred policy acquisition costs | 165,073 | 164,112 |
Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $50,222 in 2017 and $50,925 in 2016) | 56,231 | 55,524 |
Reinsurance receivables and recoverables | 70,057 | 69,413 |
Prepaid reinsurance premiums | 3,841 | 3,782 |
Income taxes receivable | 10,430 | 15,061 |
Goodwill and intangible assets | 24,547 | 24,740 |
Other assets | 15,132 | 14,355 |
TOTAL ASSETS | 4,096,985 | 4,054,758 |
Future policy benefits and losses, claims and loss settlement expenses | ||
Property and casualty insurance | 1,140,719 | 1,123,896 |
Life insurance | 1,342,966 | 1,350,503 |
Unearned premiums | 467,105 | 443,873 |
Accrued expenses and other liabilities | 145,190 | 159,014 |
Deferred income taxes | 40,620 | 35,588 |
TOTAL LIABILITIES | 3,136,600 | 3,112,874 |
Stockholders’ Equity | ||
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,341,552 and 25,429,769 shares issued and outstanding in 2017 and 2016, respectively | 25 | 25 |
Additional paid-in capital | 213,021 | 216,482 |
Retained earnings | 629,891 | 616,322 |
Accumulated other comprehensive income, net of tax | 117,448 | 109,055 |
TOTAL STOCKHOLDERS’ EQUITY | 960,385 | 941,884 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 4,096,985 | $ 4,054,758 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, held-to-maturity securities, fair value | $ 196 | $ 199 |
Fixed maturities, available-for-sale securities, amortized cost | 2,914,524 | 2,887,505 |
Fixed maturities, trading securities, amortized cost | 13,264 | 13,054 |
Equity securities, available-for-sale securities, amortized cost | 67,977 | 68,504 |
Equity securities, trading securities, amortized cost | 5,861 | 5,434 |
Allowance for doubtful accounts | 1,056 | 1,255 |
Property and equipment accumulated depreciation | $ 50,222 | $ 50,925 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 25,341,552 | 25,429,769 |
Common stock, shares outstanding (in shares) | 25,341,552 | 25,429,769 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Net premiums earned | $ 253,872 | $ 241,298 |
Investment income, net of investment expenses | 25,035 | 22,224 |
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $3,405 in 2017 and $1,646 in 2016; previously included in accumulated other comprehensive income) | 3,954 | 2,055 |
Other income | 198 | 108 |
Total revenues | 283,059 | 265,685 |
Benefits, Losses and Expenses | ||
Losses and loss settlement expenses | 167,623 | 142,128 |
Increase in liability for future policy benefits | 8,579 | 12,552 |
Amortization of deferred policy acquisition costs | 52,134 | 50,231 |
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,352 in 2017 and $1,371 in 2016; previously included in accumulated other comprehensive income) | 24,890 | 26,753 |
Interest on policyholders’ accounts | 4,744 | 5,247 |
Total benefits, losses and expenses | 257,970 | 236,911 |
Income before income taxes | 25,089 | 28,774 |
Federal income tax expense (includes reclassifications of ($718) in 2017 and ($96) in 2016; previously included in accumulated other comprehensive income) | 5,153 | 6,347 |
Net income | 19,936 | 22,427 |
Other comprehensive income | ||
Change in net unrealized appreciation on investments | 14,966 | 43,876 |
Change in liability for underfunded employee benefit plans | 0 | 0 |
Other comprehensive income , before tax and reclassification adjustments | 14,966 | 43,876 |
Income tax effect | (5,238) | (15,357) |
Other comprehensive income, after tax, before reclassification adjustments | 9,728 | 28,519 |
Reclassification adjustment for net realized investment gains included in income | (3,405) | (1,646) |
Reclassification adjustment for employee benefit costs included in expense | 1,352 | 1,371 |
Total reclassification adjustments, before tax | (2,053) | (275) |
Income tax effect | 718 | 96 |
Total reclassification adjustments, after tax | (1,335) | (179) |
Comprehensive income | $ 28,329 | $ 50,767 |
Weighted average common shares outstanding (in shares) | 25,443,101 | 25,209,888 |
Basic earnings per common share (in dollars per share) | $ 0.78 | $ 0.89 |
Diluted earnings per common share (in dollars per share) | $ 0.77 | $ 0.88 |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Reclassifications for net unrealized gains on available-for-sale securities | $ 3,405 | $ 1,646 |
Reclassification adjustment for employee benefit costs included in expense | 1,352 | 1,371 |
Reclassifications adjustments - tax | $ 718 | $ 96 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Total | Common stocks | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income, net of tax | |
Balance, beginning of year at Dec. 31, 2016 | $ 941,884 | $ 25 | $ 216,482 | $ 616,322 | $ 109,055 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares repurchased | 0 | (5,749) | ||||
Shares issued for stock-based awards | 0 | 1,244 | ||||
Compensation expense and related tax benefit for stock-based award grants | 1,044 | |||||
Net income | 19,936 | 19,936 | ||||
Dividends on common stock ($0.25 per share) | (6,367) | |||||
Change in net unrealized investment appreciation | [1] | 7,515 | ||||
Change in liability for underfunded employee benefit plans | [2] | 878 | ||||
All other changes in stockholders’ equity accounts | (1,435) | |||||
Balance, end of period at Mar. 31, 2017 | $ 960,385 | $ 25 | $ 213,021 | $ 629,891 | $ 117,448 | |
[1] | The change in net unrealized appreciation is net of reclassification adjustments and income taxes. | |||||
[2] | The change in liability for underfunded employee benefit plans is net of reclassification adjustments and income taxes. |
Consolidated Statement of Stoc7
Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Statement of Stockholders' Equity [Abstract] | |
Stock repurchased (in shares) | 134,981 |
Shares issued for stock-based awards (in shares) | 46,764 |
Dividends on common stock, per share (in dollars per share) | $ / shares | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows From Operating Activities | ||
Net income | $ 19,936 | $ 22,427 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Net accretion of bond premium | 3,901 | 3,447 |
Depreciation and amortization | 1,165 | 1,626 |
Stock-based compensation expense | 1,044 | 977 |
Net realized investment gains | (3,954) | (2,055) |
Net cash flows from trading investments | (610) | (129) |
Deferred income tax benefit | (134) | 322 |
Changes in: | ||
Accrued investment income | (3,078) | (1,689) |
Premiums receivable | (18,226) | (26,245) |
Deferred policy acquisition costs | (2,238) | (3,579) |
Reinsurance receivables | (644) | 1,782 |
Prepaid reinsurance premiums | (59) | (322) |
Income taxes receivable | 4,631 | 0 |
Other assets | (777) | (1,240) |
Future policy benefits and losses, claims and loss settlement expenses | 26,590 | 23,965 |
Unearned premiums | 23,232 | 21,001 |
Accrued expenses and other liabilities | (12,472) | (7,205) |
Income taxes payable | 0 | 728 |
Deferred income taxes | 647 | (548) |
Other, net | 253 | 2,063 |
Total adjustments | 19,271 | 12,899 |
Net cash provided by operating activities | 39,207 | 35,326 |
Cash Flows From Investing Activities | ||
Proceeds from sale of available-for-sale investments | 5,059 | 1,968 |
Proceeds from call and maturity of held-to-maturity investments | 3 | 8 |
Proceeds from call and maturity of available-for-sale investments | 71,613 | 142,629 |
Proceeds from short-term and other investments | 1,702 | 789 |
Purchase of available-for-sale investments | (103,623) | (124,338) |
Purchase of short-term and other investments | (1,590) | 0 |
Net purchases and sales of property and equipment | (1,392) | (569) |
Net cash (used in) provided by investing activities | (28,228) | 20,487 |
Policyholders’ account balances | ||
Deposits to investment and universal life contracts | 20,630 | 25,145 |
Withdrawals from investment and universal life contracts | (37,934) | (41,954) |
Payment of cash dividends | (6,367) | (5,553) |
Repurchase of common stock | (5,749) | 0 |
Issuance of common stock | 1,244 | 4,745 |
Tax impact from issuance of common stock | 0 | (664) |
Net cash used in financing activities | (28,176) | (18,281) |
Net Change in Cash and Cash Equivalents | (17,197) | 37,532 |
Cash and Cash Equivalents at Beginning of Period | 110,853 | 106,449 |
Cash and Cash Equivalents at End of Period | $ 93,656 | $ 143,981 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NATURE OF OPERATIONS AND BASIS OF PRESENTATION Nature of Business United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our") and its consolidated subsidiaries and affiliates are engaged in the business of writing property and casualty insurance and life insurance and selling annuities through a network of independent agencies. We report our operations in two business segments: property and casualty insurance and life insurance. Our insurance company subsidiaries are licensed as a property and casualty insurer in 46 states and the District of Columbia, and as a life insurer in 37 states. Basis of Presentation The unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X promulgated by the SEC. Certain financial information that is included in our Annual Report on Form 10-K, including certain financial statement footnote disclosures, are not required by the rules and regulations of the SEC for interim financial reporting and have been condensed or omitted. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statement categories that are most dependent on management estimates and assumptions include: investments; deferred policy acquisition costs; reinsurance receivables and recoverables; future policy benefits and losses, claims and loss settlement expenses; and pension and postretirement benefit obligations. Certain prior year amounts have been reclassified to conform to the current year presentation. Management of UFG believes the accompanying unaudited Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. All significant intercompany transactions have been eliminated in consolidation. The results reported for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016 . The review report of Ernst & Young LLP as of March 31, 2017 and for the three-month periods ended March 31, 2017 and 2016 accompanies the unaudited Consolidated Financial Statements included in Part I, Item 1 "Financial Statements." Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts, and non-negotiable certificates of deposit with original maturities of three months or less. For the three-month periods ended March 31, 2017 and 2016 , we made payments for income taxes totaling $9 and $6,509 , respectively. We did no t receive a tax refund during the three-month periods ended March 31, 2017 and 2016 . For the three-month periods ended March 31, 2017 and 2016 , we made no interest payments (excluding interest credited to policyholders’ accounts). Deferred Policy Acquisition Costs ("DAC") Certain costs associated with underwriting new business (primarily commissions, premium taxes and variable underwriting and policy issue expenses associated with successful acquisition efforts) are deferred. The following table is a summary of the components of DAC, including the related amortization recognized for the three-month period ended March 31, 2017 . Property & Casualty Insurance Life Insurance Total Recorded asset at beginning of period $ 93,362 $ 70,750 $ 164,112 Underwriting costs deferred 53,084 1,288 54,372 Amortization of deferred policy acquisition costs (50,461 ) (1,673 ) (52,134 ) Ending unamortized deferred policy acquisition costs $ 95,985 $ 70,365 $ 166,350 Impact of unrealized gains and losses on available-for-sale securities — (1,277 ) (1,277 ) Recorded asset at March 31, 2017 $ 95,985 $ 69,088 $ 165,073 Property and casualty insurance policy acquisition costs deferred are amortized as premium revenue is recognized. The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value. This takes into account the premium to be earned, losses and loss settlement expenses expected to be incurred and certain other costs expected to be incurred as the premium is earned. For traditional life insurance policies, DAC is amortized to income over the premium-paying period in proportion to the ratio of the expected annual premium revenue to the expected total premium revenue. Expected premium revenue and gross profits are based on the same mortality and withdrawal assumptions used in determining future policy benefits. These assumptions are not revised after policy issuance unless the recorded DAC asset is deemed to be unrecoverable from future expected profits. For non-traditional life insurance policies, DAC is amortized over the anticipated terms in proportion to the ratio of the expected annual gross profits to the total expected gross profits. Changes in the amount or timing of expected gross profits result in adjustments to the cumulative amortization of these costs. The effect on amortization of DAC for revisions to estimated gross profits is reported in earnings in the period the estimated gross profits are revised. The effect on DAC that results from the assumed realization of unrealized gains (losses) on investments allocated to non-traditional life insurance business is recognized with an offset to net unrealized investment appreciation as of the balance sheet date. The impact of unrealized gains and losses on available-for-sale securities decreased the DAC asset by $7,690 and $6,413 at March 31, 2017 and December 31, 2016 , respectively. Income Taxes Deferred tax assets and liabilities are established based on differences between the financial statement bases of assets and liabilities and the tax bases of those same assets and liabilities, using the currently enacted statutory tax rates. Deferred income tax expense is measured by the year-to-year change in the net deferred tax asset or liability, except for certain changes in deferred tax amounts that affect stockholders' equity and do not impact federal income tax expense. We reported a federal income tax expense of $5,153 and $6,347 for the three-month periods ended March 31, 2017 and 2016 , respectively. Our effective tax rate is different than the federal statutory rate of 35.0 percent due principally to the effect of tax-exempt municipal bond interest income and non-taxable dividend income. The Company performs a quarterly review of its tax positions and makes a determination of whether it is more likely than not that the tax position will be sustained upon examination. If based on review, it appears not more likely than not that the positions will be sustained, the Company will calculate any unrecognized tax benefits and, if necessary, calculate and accrue any related interest and penalties. We did no t recognize any liability for unrecognized tax benefits at March 31, 2017 or December 31, 2016 . In addition, we have not accrued for interest and penalties related to unrecognized tax benefits. However, if interest and penalties would need to be accrued related to unrecognized tax benefits, such amounts would be recognized as a component of federal income tax expense. We file a consolidated federal income tax return. We also file income tax returns in various state jurisdictions. We are no longer subject to federal or state income tax examination for years before 2009. The Internal Revenue Service is conducting a routine examination of our income tax return for the 2011 tax year. Subsequent Events In the preparation of the accompanying financial statements, the Company has evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure in the Company's financial statements. The Company concluded there are no material subsequent events or transactions that have occurred after the balance sheet date through the date on which the financial statements were issued. Recently Issued Accounting Standards Accounting Standards Adopted in 2017 Share-Based Payments In March 2016, the Financial Accounting Standards Board ("FASB") issued new guidance on the accounting for share-based payments. The new guidance was issued to simplify the accounting of share-based payments, specifically in the areas of income taxes, classification on the balance sheets as liabilities or equity and classification in the cash flow statement. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those years. The Company adopted the new guidance prospectively as of January 1, 2017. The new guidance resulted in classification changes between the financing and operating section of the Statement of Cash Flow for stock based compensation expense. The adoption also resulted in a tax benefit of $130 during the three months ended March 31, 2017. Income Taxes In December 2015, the FASB issued guidance on the balance sheet classification of deferred taxes. The new guidance eliminates the requirement to split deferred tax liabilities and assets between current and non-current in a classified balance sheet. The new guidance allows deferred tax liabilities and assets to be included in non-current accounts. The Company adopted the new guidance as of January 1, 2017. The adoption had no impact on the Company's financial position and results of operations since we do not currently report deferred taxes in classified balance sheets. Pending Adoption of Accounting Standards Revenue Recognition In May 2014, the FASB issued comprehensive new guidance on revenue recognition which supersedes nearly all existing revenue recognition guidance under GAAP. The new guidance requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard creates a five-step model that requires companies to exercise judgment when considering the terms of the contract(s) and all relevant facts and circumstances. Insurance contracts are not within the scope of this new guidance. The new guidance is effective for annual and interim periods beginning after December 15, 2017. The Company will adopt the guidance as of January 1, 2018. The adoption of the new guidance will have no impact on the Company's reporting and disclosure of net premiums earned, net investment income or net realized gains and losses, as these items are not within the scope of this new guidance. The Company is currently evaluating the impact on the Company's financial position and results of operations with other revenue streams under this new guidance. These other revenue streams, currently reported in other income in the Consolidated Statements of Income and Comprehensive Income, are not a material amount of the Company's total revenue. Financial Instruments In January 2016, the FASB issued guidance updating certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments in this update supersede the guidance to classify equity securities with readily determinable fair values into different categories (for example, trading or available-for-sale) and require equity securities to be measured at fair value with changes in the fair value recognized through net income. The new guidance also simplifies the impairment process for equity investments without readily determinable fair values. The new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2018 and is currently evaluating the impact on the Company's financial position, results of operations and key processes. If the new guidance were adopted as of March 31, 2017, there would be a reclassification from accumulated other comprehensive income to retained earnings equal to the amount of net unrealized gains and losses on available-for-sale equity securities at December 31, 2016 disclosed in Note 2 "Summary of Investments," of this section. The impact to net realized gains (losses) would equal the change in net unrealized gains and losses on available-for-sale equity securities between March 31, 2017 and December 31, 2016, in the same tables. Statement of Cash Flows - Classification of Certain Cash Receipts and Payments In August 2016, the FASB issued an update that clarifies the classification of certain cash receipts and payments in the Statement of Cash Flows. The update addresses eight existing cash flow issues by clarifying the correct classification to establish uniformity in practice. The updated guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2018 and is currently reviewing the updates to the eight existing cash flow issues. Currently, management believes that one existing cash flow issue will be impacted by these updates. Management believes the update will have no impact on the Company's financial position and results of operations but may effect the current classification of the cash flow in the Statement of Cash Flows. Defined Benefit Retirement Plan Cost In March 2017, the FASB issued guidance on the presentation of net periodic benefit costs of defined benefit retirement benefit plans in the Statements of Income. The new guidance requires the service cost component of net periodic benefit cost of defined benefit plans to be presented in the same line in the Statements of Income as other employee compensation expenses. Also, under the new guidance, the service cost component of the net periodic benefit costs will be the only portion of costs subject to be capitalized in assets. The new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2018 and is currently evaluating the presentation of net periodic benefit costs in its financial statements and the impact on the Company's financial position and results of operations. Leases In February 2016, the FASB issued guidance on the accounting for leases. The new guidance requires lessees to place most leases on their balance sheets with expenses recognized on the income statement in a similar manner as previous methods. The new guidance is effective for annual periods beginning after December 15, 2018 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2019. The Company has created an inventory of its leases and has calculated the current minimum future lease payment, which is disclosed in Note 13 "Lease Commitments" of our Annual Report on Form 10-K for the year ended December 31, 2016. Financial Instruments - Credit Losses In June 2016, the FASB issued new guidance on the measurement of credit losses for most financial instruments. The new guidance replaces the current incurred loss model for recognizing credit losses with an expected loss model for instruments measured at amortized cost and requires allowances to be recorded for available-for-sale debt securities rather than reduce the carrying amount. These allowances will be remeasured each reporting period. The new guidance is effective for annual periods beginning after December 15, 2020 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2021 and is currently evaluating the impact on the Company's financial position, results of operations and key processes. Income Taxes - Intra-entity Transfers In October 2016, the FASB issued new guidance on the income tax treatment of intra-entity transfers. The new guidance replaces the current guidance which prohibits the recognition of current and deferred income taxes of intra-entity transfers until the asset is sold externally. Under the new guidance, the exemption is eliminated and income taxes will be recognized on transfers of intra-entity assets. The new guidance is effective for annual periods beginning after December 15, 2018 and interim periods beginning after December 15, 2019. The Company will adopt the new guidance as of January 1, 2019 and is currently evaluating the impact on the Company's financial position and results of operations. Goodwill In January 2017, the FASB issued new guidance which simplifies the test for goodwill impairment. The new guidance eliminates the implied fair value calculation when measuring a goodwill impairment charge. Under the new guidance, impairment charges will be based on the excess of the carrying value over fair value of goodwill. The new guidance is effective for annual and interim periods beginning after December 15, 2019. The Company will adopt the new guidance as of January 1, 2020 and is currently evaluating the impact on the Company's financial position and results of operations. |
Summary of Investments
Summary of Investments | 3 Months Ended |
Mar. 31, 2017 | |
Investments [Abstract] | |
Summary of Investments | SUMMARY OF INVESTMENTS Fair Value of Investments A reconciliation of the amortized cost (cost for equity securities) to fair value of investments in held-to-maturity and available-for-sale fixed maturity and equity securities as of March 31, 2017 and December 31, 2016 is as follows: March 31, 2017 Type of Investment Cost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value HELD-TO-MATURITY Fixed maturities: Bonds Corporate bonds - financial services $ 150 $ — $ — $ 150 Mortgage-backed securities 45 1 — 46 Total Held-to-Maturity Fixed Maturities $ 195 $ 1 $ — $ 196 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 22,142 $ 73 $ 100 $ 22,115 U.S. government agency 70,671 1,426 438 71,659 States, municipalities and political subdivisions General obligations: Midwest 133,706 1,873 1,068 134,511 Northeast 56,241 1,042 177 57,106 South 144,366 1,455 2,298 143,523 West 123,026 1,558 1,839 122,745 Special revenue: Midwest 165,789 2,412 1,326 166,875 Northeast 72,489 558 2,323 70,724 South 258,835 2,020 5,954 254,901 West 148,390 1,701 3,717 146,374 Foreign bonds 59,295 2,076 — 61,371 Public utilities 211,412 3,987 427 214,972 Corporate bonds Energy 103,194 2,190 193 105,191 Industrials 222,476 5,017 498 226,995 Consumer goods and services 176,581 4,089 269 180,401 Health care 75,951 2,039 37 77,953 Technology, media and telecommunications 143,113 2,562 700 144,975 Financial services 272,088 5,720 929 276,879 Mortgage-backed securities 16,366 166 250 16,282 Collateralized mortgage obligations Government national mortgage association 156,554 1,483 2,451 155,586 Federal home loan mortgage corporation 178,052 1,886 3,453 176,485 Federal national mortgage association 99,420 1,907 1,090 100,237 Asset-backed securities 4,367 147 186 4,328 Total Available-for-Sale Fixed Maturities $ 2,914,524 $ 47,387 $ 29,723 $ 2,932,188 Equity securities: Common stocks Public utilities $ 6,394 $ 14,691 $ 125 $ 20,960 Energy 6,514 7,828 29 14,313 Industrials 13,117 42,387 175 55,329 Consumer goods and services 10,074 15,272 64 25,282 Health care 7,763 22,065 — 29,828 Technology, media and telecommunications 6,009 9,355 59 15,305 Financial services 17,069 96,587 50 113,606 Nonredeemable preferred stocks 1,037 24 — 1,061 Total Available-for-Sale Equity Securities $ 67,977 $ 208,209 $ 502 $ 275,684 Total Available-for-Sale Securities $ 2,982,501 $ 255,596 $ 30,225 $ 3,207,872 December 31, 2016 Type of Investment Cost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value HELD-TO-MATURITY Fixed maturities: Bonds Corporate bonds - financial services $ 150 $ — $ — $ 150 Mortgage-backed securities 48 1 — 49 Total Held-to-Maturity Fixed Maturities $ 198 $ 1 $ — $ 199 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 23,216 $ 87 $ 108 $ 23,195 U.S. government agency 76,692 1,445 540 77,597 States, municipalities and political subdivisions General obligations: Midwest 143,747 1,808 1,412 144,143 Northeast 57,731 909 231 58,409 South 129,475 1,249 2,355 128,369 West 114,524 1,380 2,173 113,731 Special revenue: Midwest 167,430 2,313 1,433 168,310 Northeast 70,202 487 2,624 68,065 South 244,225 1,753 6,791 239,187 West 134,287 1,509 4,052 131,744 Foreign bonds 62,995 2,239 — 65,234 Public utilities 212,360 3,761 447 215,674 Corporate bonds Energy 107,084 2,195 419 108,860 Industrials 225,526 5,359 982 229,903 Consumer goods and services 178,135 3,847 295 181,687 Health care 81,211 2,063 151 83,123 Technology, media and telecommunications 143,402 2,029 819 144,612 Financial services 269,981 5,328 1,358 273,951 Mortgage-backed securities 17,288 201 241 17,248 Collateralized mortgage obligations Government national mortgage association 145,947 1,279 2,766 144,460 Federal home loan mortgage corporation 176,226 1,638 3,406 174,458 Federal national mortgage association 101,414 1,816 1,334 101,896 Asset-backed securities 4,407 145 282 4,270 Total Available-for-Sale Fixed Maturities $ 2,887,505 $ 44,840 $ 34,219 $ 2,898,126 Equity securities: Common stocks Public utilities $ 6,394 $ 13,465 $ 188 $ 19,671 Energy 6,514 8,555 22 15,047 Industrials 13,252 38,715 173 51,794 Consumer goods and services 10,324 13,851 58 24,117 Health care 7,763 19,657 — 27,420 Technology, media and telecommunications 5,931 9,476 38 15,369 Financial services 17,289 98,728 67 115,950 Nonredeemable preferred stocks 1,037 11 — 1,048 Total Available-for-Sale Equity Securities $ 68,504 $ 202,458 $ 546 $ 270,416 Total Available-for-Sale Securities $ 2,956,009 $ 247,298 $ 34,765 $ 3,168,542 Maturities The amortized cost and fair value of held-to-maturity, available-for-sale and trading fixed maturity securities at March 31, 2017 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity. Held-To-Maturity Available-For-Sale Trading March 31, 2017 Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 150 $ 150 $ 125,861 $ 126,941 $ 2,593 $ 2,815 Due after one year through five years — — 814,770 835,999 7,213 8,396 Due after five years through 10 years — — 802,379 812,933 1,302 1,377 Due after 10 years — — 716,755 703,397 2,156 2,383 Asset-backed securities — — 4,367 4,328 — — Mortgage-backed securities 45 46 16,366 16,282 — — Collateralized mortgage obligations — — 434,026 432,308 — — $ 195 $ 196 $ 2,914,524 $ 2,932,188 $ 13,264 $ 14,971 Net Realized Investment Gains and Losses Net realized gains on disposition of investments are computed using the specific identification method and are included in the computation of net income. A summary of the components of net realized investment gains is as follows: Three Months Ended March 31, 2017 2016 Net realized investment gains Fixed maturities: Available-for-sale $ 1,995 $ 516 Trading securities Change in fair value 371 273 Sales 57 — Equity securities: Available-for-sale 1,410 984 Trading securities Change in fair value 111 93 Sales 10 — Short-term investments — 43 Cash equivalents — 146 Total net realized investment gains $ 3,954 $ 2,055 The proceeds and gross realized gains on the sale of available-for-sale fixed maturity securities are as follows: Three Months Ended March 31, 2017 2016 Proceeds from sales $ 5,059 $ 1,968 Gross realized gains 2,222 921 There were no sales of held-to-maturity securities during the three-month periods ended March 31, 2017 and 2016 . Our investment portfolio includes trading securities with embedded derivatives. These securities are primarily convertible securities which are recorded at fair value. Income or loss, including the change in the fair value of these trading securities, is recognized currently in earnings as a component of net realized investment gains. Our portfolio of trading securities had a fair value of $21,154 and $20,034 at March 31, 2017 and December 31, 2016 , respectively. Funding Commitment Pursuant to an agreement with one of our limited liability partnership investments, we are contractually committed through December 31, 2023 to make capital contributions upon request of the partnership. Our remaining potential contractual obligation was $6,868 at March 31, 2017 . Unrealized Appreciation A summary of the changes in net unrealized investment appreciation during the reporting period is as follows: Three Months Ended March 31, 2017 2016 Change in net unrealized investment appreciation Available-for-sale fixed maturities $ 7,043 $ 52,556 Available-for-sale equity securities 5,795 1,359 Deferred policy acquisition costs (1,277 ) (11,685 ) Income tax effect (4,046 ) (14,781 ) Total change in net unrealized investment appreciation, net of tax $ 7,515 $ 27,449 We continually monitor the difference between our cost basis and the estimated fair value of our investments. Our accounting policy for impairment recognition requires other-than-temporary impairment ("OTTI") charges to be recorded when we determine that it is more likely than not that we will be unable to collect all amounts due according to the contractual terms of the fixed maturity security or that the anticipated recovery in fair value of the equity security will not occur in a reasonable amount of time. Impairment charges on investments are recorded based on the fair value of the investments at the measurement date or based on the value calculated using a discounted cash flow model. Credit-related impairments on fixed maturity securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net income. Any non-credit related impairment is recognized as a component of other comprehensive income. Factors considered in evaluating whether a decline in value is other-than-temporary include: the length of time and the extent to which fair value has been less than cost; the financial condition and near-term prospects of the issuer; our intention to hold the investment; and the likelihood that we will be required to sell the investment. The tables on the following pages summarize our fixed maturity and equity securities that were in an unrealized loss position at March 31, 2017 and December 31, 2016 . The securities are presented by the length of time they have been continuously in an unrealized loss position. It is possible that we could recognize OTTI charges in future periods on securities held at March 31, 2017 , if future events or information cause us to determine that a decline in fair value is other-than-temporary. We have evaluated the near-term prospects of the issuers of our fixed maturity securities in relation to the severity and duration of the unrealized loss and determined that these losses did not warrant the recognition of an OTTI charge at March 31, 2017 or at March 31, 2016 . We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature. We have evaluated the near-term prospects of the issuers of our equity securities in relation to the severity and duration of the unrealized loss and determined that these losses did not warrant the recognition of an OTTI charge at March 31, 2017 or at March 31, 2016 . Our largest unrealized loss greater than 12 months on an individual equity security at March 31, 2017 was $159 . We have no intention to sell any of these securities prior to a recovery in value, but will continue to monitor the fair value reported for these securities as part of our overall process to evaluate investments for OTTI recognition. March 31, 2017 Less than 12 months 12 months or longer Total Type of Investment Number Fair Gross Unrealized Number Fair Gross Unrealized Depreciation Fair Gross Unrealized Depreciation AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury 11 $ 11,779 $ 100 — $ — $ — $ 11,779 $ 100 U.S. government agency 9 33,651 438 — — — 33,651 438 States, municipalities and political subdivisions General obligations Midwest 16 32,139 1,068 — — — 32,139 1,068 Northeast 4 6,939 177 — — — 6,939 177 South 28 60,252 2,298 — — — 60,252 2,298 West 23 48,967 1,839 — — — 48,967 1,839 Special revenue Midwest 30 51,512 1,326 — — — 51,512 1,326 Northeast 21 51,512 2,323 — — — 51,512 2,323 South 69 142,601 5,954 — — — 142,601 5,954 West 36 75,008 3,717 — — — 75,008 3,717 Public utilities 17 32,195 389 3 2,107 38 34,302 427 Corporate bonds Energy 4 6,951 173 1 4,174 20 11,125 193 Industrials 16 26,794 297 2 4,758 201 31,552 498 Consumer goods and services 11 20,912 269 — — — 20,912 269 Health care 3 8,472 37 — — — 8,472 37 Technology, media and telecommunications 13 32,671 397 3 10,222 303 42,893 700 Financial services 24 51,512 929 — — — 51,512 929 Mortgage-backed securities 19 9,301 195 4 1,087 55 10,388 250 Collateralized mortgage obligations Government national mortgage association 36 82,052 1,830 10 17,273 621 99,325 2,451 Federal home loan mortgage corporation 40 100,351 3,223 3 4,969 230 105,320 3,453 Federal national mortgage association 23 39,294 857 4 4,180 233 43,474 1,090 Asset-backed securities — — — 1 2,647 186 2,647 186 Total Available-for-Sale Fixed Maturities 453 $ 924,865 $ 27,836 31 $ 51,417 $ 1,887 $ 976,282 $ 29,723 Equity securities: Common stocks Public utilities — $ — $ — 3 $ 183 $ 125 $ 183 $ 125 Energy 1 190 2 1 158 27 348 29 Industrials — — — 6 237 175 237 175 Consumer goods and services 1 22 1 4 269 63 291 64 Technology, media and telecommunications 8 93 16 8 22 43 115 59 Financial services 3 53 2 2 165 48 218 50 Total Available-for-Sale Equity Securities 13 $ 358 $ 21 24 $ 1,034 $ 481 $ 1,392 $ 502 Total Available-for-Sale Securities 466 $ 925,223 $ 27,857 55 $ 52,451 $ 2,368 $ 977,674 $ 30,225 December 31, 2016 Less than 12 months 12 months or longer Total Type of Investment Number Fair Gross Unrealized Depreciation Number Fair Gross Unrealized Depreciation Fair Gross Unrealized Depreciation AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury 9 $ 10,800 $ 108 — $ — $ — $ 10,800 $ 108 U.S. government agency 10 36,593 540 — — — 36,593 540 States, municipalities and political subdivisions General obligations Midwest 27 40,545 1,412 — — — 40,545 1,412 Northeast 9 9,874 231 — — — 9,874 231 South 37 53,699 2,355 — — — 53,699 2,355 West 30 55,265 2,173 — — — 55,265 2,173 Special revenue Midwest 41 62,937 1,433 — — — 62,937 1,433 Northeast 22 54,993 2,624 — — — 54,993 2,624 South 79 152,979 6,791 — — — 152,979 6,791 West 44 81,676 4,052 — — — 81,676 4,052 Public utilities 20 38,511 423 2 2,122 24 40,633 447 Corporate bonds Energy 8 15,938 313 3 8,232 106 24,170 419 Industrials 24 42,854 596 3 5,641 386 48,495 982 Consumer goods and services 11 21,059 295 — — — 21,059 295 Health care 9 20,918 151 — — — 20,918 151 Technology, media and telecommunications 16 41,230 516 3 10,241 303 51,471 819 Financial services 37 75,286 1,358 — — — 75,286 1,358 Mortgage-backed securities 16 9,611 187 5 1,198 54 10,809 241 Collateralized mortgage obligations Government national mortgage association 36 82,430 2,261 9 13,603 505 96,033 2,766 Federal home loan mortgage corporation 41 105,775 3,165 3 5,141 241 110,916 3,406 Federal national mortgage association 27 46,633 1,091 4 4,341 243 50,974 1,334 Asset-backed securities 1 971 29 1 2,559 253 3,530 282 Total Available-for-Sale Fixed Maturities 554 $ 1,060,577 $ 32,104 33 $ 53,078 $ 2,115 $ 1,113,655 $ 34,219 Equity securities: Common stocks Public utilities — $ — $ — 3 $ 120 $ 188 $ 120 $ 188 Energy — — — 1 163 22 163 22 Industrials — — — 6 239 173 239 173 Consumer goods and services 3 282 55 2 15 3 297 58 Technology, media and telecommunications 7 26 5 8 33 33 59 38 Financial services 3 53 3 2 150 64 203 67 Total Available-for-Sale Equity Securities 13 $ 361 $ 63 22 $ 720 $ 483 $ 1,081 $ 546 Total Available-for-Sale Securities 567 $ 1,060,938 $ 32,167 55 $ 53,798 $ 2,598 $ 1,114,736 $ 34,765 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Current accounting guidance on fair value measurements includes the application of a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Our financial instruments that are recorded at fair value are categorized into a three-level hierarchy, which is based upon the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (i.e., Level 1) and the lowest priority to unobservable inputs (i.e., Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the financial instrument. Financial instruments recorded at fair value are categorized in the fair value hierarchy as follows: • Level 1 : Valuations are based on unadjusted quoted prices in active markets for identical financial instruments that we have the ability to access. • Level 2 : Valuations are based on quoted prices for similar financial instruments, other than quoted prices included in Level 1, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument. • Level 3 : Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. We review our fair value hierarchy categorizations on a quarterly basis at which time the classification of certain financial instruments may change if the input observations have changed. Transfers between levels, if any, are recorded as of the beginning of the reporting period. To determine the fair value of the majority of our investments, we utilize prices obtained from independent, nationally recognized pricing services. We obtain one price for each security. When the pricing services cannot provide a determination of fair value for a specific security, we obtain non-binding price quotes from broker-dealers with whom we have had several years experience and who have demonstrated knowledge of the subject security. We request and utilize one broker quote per security. In order to determine the proper classification in the fair value hierarchy for each security where the price is obtained from an independent pricing service, we obtain and evaluate the vendors' pricing procedures and inputs used to price the security, which include unadjusted quoted market prices for identical securities, such as a New York Stock Exchange closing price, and quoted prices for identical securities in markets that are not active. For fixed maturity securities, an evaluation of interest rates and yield curves observable at commonly quoted intervals, volatility, prepayment speeds, credit risks and default rates may also be performed. We have determined that these processes and inputs result in fair values and classifications consistent with the applicable accounting guidance on fair value measurements. When possible, we use quoted market prices to determine the fair value of fixed maturities, equity securities, trading securities and short-term investments. When quoted market prices do not exist, we base estimates of fair value on market information obtained from independent pricing services and brokers or on valuation techniques that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. Our valuation techniques are discussed in more detail throughout this section. The fair value of our mortgage loans is determined by modeling performed by us based on the stated principal and coupon payments provided for in the loan agreements. These cash flows are then discounted using an appropriate risk-adjusted discount rate to determine the security's fair value, which is a Level 3 fair value measurement. The fair value of our policy loans is equivalent to carrying value, which is a reasonable estimate of fair value and is classified as Level 2. We do not make policy loans for amounts in excess of the cash surrender value of the related policy. In all instances, the policy loans are fully collateralized by the related liability for future policy benefits for traditional insurance policies or by the policyholders' account balance for non-traditional policies. Our other long-term investments consist primarily of our interests in limited liability partnerships that are recorded on the equity method of accounting. The fair value of the partnerships is obtained from the fund managers, which is based on the fair value of the underlying investments held in the partnerships. In management's opinion, these values represent a reasonable estimate of fair value. We have not adjusted the net asset value provided by the fund managers. For cash and cash equivalents and accrued investment income, carrying value is a reasonable estimate of fair value due to the short-term nature of these financial instruments. Policy reserves are developed and recorded for deferred annuities, which is an interest-sensitive product, and income annuities. The fair value of the reserve liability for these annuity products is based upon an estimate of the discounted pretax cash flows that are forecast for the underlying business, which is a Level 3 fair value measurement. We base the discount rate on the current U.S. Treasury spot yield curve, which is then risk-adjusted for nonperformance risk and, for interest-sensitive business and market risk factors. The risk-adjusted discount rate is developed using interest rates that are available in the market and representative of the risks applicable to the underlying business. The Company formed a rabbi trust in 2014 to fund obligations under the United Fire & Casualty Company Non-qualified Deferred Compensation Plan and United Fire Group Supplemental Executive Retirement and Deferral Plan (collectively, the "Executive Retirement Plans"). Within the rabbi trust, corporate-owned life insurance ("COLI") policies are utilized as an investment vehicle and source of funding for the Company's Executive Retirement Plans. The COLI policies invest in mutual funds, which are priced daily by independent sources. As of March 31, 2017 , the cash surrender value of the COLI policies was $3,000 , which is equal to the fair value measured using Level 2 inputs, based on the underlying assets of the COLI policies, and is included in other assets in the Consolidated Balance Sheets. A summary of the carrying value and estimated fair value of our financial instruments at March 31, 2017 and December 31, 2016 is as follows: March 31, 2017 December 31, 2016 Fair Value Carrying Value Fair Value Carrying Value Assets Investments Fixed maturities: Held-to-maturity securities $ 196 $ 195 $ 199 $ 198 Available-for-sale securities 2,932,188 2,932,188 2,898,126 2,898,126 Trading securities 14,971 14,971 14,390 14,390 Equity securities: Available-for-sale securities 275,684 275,684 270,416 270,416 Trading securities 6,183 6,183 5,644 5,644 Mortgage loans 3,817 3,640 3,895 3,706 Policy loans 5,396 5,396 5,366 5,366 Other long-term investments 67,024 67,024 67,639 67,639 Short-term investments 175 175 175 175 Cash and cash equivalents 93,656 93,656 110,853 110,853 Corporate-owned life insurance 3,000 3,000 2,592 2,592 Liabilities Policy reserves Annuity (accumulations) (1) $ 640,973 $ 649,395 $ 646,764 $ 666,711 Annuity (benefit payments) 142,968 94,385 144,283 95,129 (1) Annuity accumulations represent deferred annuity contracts that are currently earning interest. The following tables present the categorization for our financial instruments measured at fair value on a recurring basis in our Consolidated Balance Sheets at March 31, 2017 and December 31, 2016 : March 31, 2017 Fair Value Measurements Description Total Level 1 Level 2 Level 3 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 22,115 $ — $ 22,115 $ — U.S. government agency 71,659 — 71,659 — States, municipalities and political subdivisions General obligations Midwest 134,511 — 134,511 — Northeast 57,106 — 57,106 — South 143,523 — 143,523 — West 122,745 — 122,745 — Special revenue Midwest 166,875 — 166,707 168 Northeast 70,724 — 70,724 — South 254,901 — 254,901 — West 146,374 — 146,374 — Foreign bonds 61,371 — 61,371 — Public utilities 214,972 — 214,972 — Corporate bonds Energy 105,191 — 105,191 — Industrials 226,995 — 226,995 — Consumer goods and services 180,401 — 179,342 1,059 Health care 77,953 — 77,953 — Technology, media and telecommunications 144,975 — 144,975 — Financial services 276,879 — 268,444 8,435 Mortgage-backed securities 16,282 — 16,282 — Collateralized mortgage obligations Government national mortgage association 155,586 — 155,586 — Federal home loan mortgage corporation 176,485 — 176,485 — Federal national mortgage association 100,237 — 100,237 — Asset-backed securities 4,328 — 3,872 456 Total Available-for-Sale Fixed Maturities $ 2,932,188 $ — $ 2,922,070 $ 10,118 Equity securities: Common stocks Public utilities $ 20,960 $ 20,960 $ — $ — Energy 14,313 14,313 — — Industrials 55,329 55,329 — — Consumer goods and services 25,282 25,282 — — Health care 29,828 29,828 — — Technology, media and telecommunications 15,305 15,305 — — Financial services 113,606 109,483 — 4,123 Nonredeemable preferred stocks 1,061 466 — 595 Total Available-for-Sale Equity Securities $ 275,684 $ 270,966 $ — $ 4,718 Total Available-for-Sale Securities $ 3,207,872 $ 270,966 $ 2,922,070 $ 14,836 TRADING Fixed maturities: Corporate bonds Industrials $ 3,761 $ — $ 3,761 $ — Consumer goods and services 143 — 143 — Health care 3,597 — 3,597 — Technology, media and telecommunications 1,195 — 1,195 — Financial services 4,567 — 4,567 — Asset-backed securities — — — — Redeemable preferred stocks 1,708 1,708 — — Equity securities: Public utilities 621 621 — — Energy 231 231 — — Industrials 897 897 — — Consumer goods and services 1,168 1,168 — — Health care 366 366 — — Financial services 220 220 — — Nonredeemable preferred stocks 2,680 2,680 — — Total Trading Securities $ 21,154 $ 7,891 $ 13,263 $ — Short-Term Investments $ 175 $ 175 $ — $ — Money Market Accounts $ 19,124 $ 19,124 $ — $ — Corporate-Owned Life Insurance $ 3,000 $ — $ 3,000 $ — Total Assets Measured at Fair Value $ 3,251,325 $ 298,156 $ 2,938,333 $ 14,836 December 31, 2016 Fair Value Measurements Description Total Level 1 Level 2 Level 3 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 23,195 $ — $ 23,195 $ — U.S. government agency 77,597 — 77,597 — States, municipalities and political subdivisions General obligations Midwest 144,143 — 144,143 — Northeast 58,409 — 58,409 — South 128,369 — 128,369 — West 113,731 — 113,731 — Special revenue Midwest 168,310 — 168,142 168 Northeast 68,065 — 68,065 — South 239,187 — 239,187 — West 131,744 — 131,744 — Foreign bonds 65,234 — 65,234 — Public utilities 215,674 — 215,674 — Corporate bonds Energy 108,860 — 108,860 — Industrials 229,903 — 229,903 — Consumer goods and services 181,687 — 180,590 1,097 Health care 83,123 — 83,123 — Technology, media and telecommunications 144,612 — 144,612 — Financial services 273,951 — 265,154 8,797 Mortgage-backed securities 17,248 — 17,248 — Collateralized mortgage obligations Government national mortgage association 144,460 — 144,460 — Federal home loan mortgage corporation 174,458 — 174,458 — Federal national mortgage association 101,896 — 101,896 — Asset-backed securities 4,270 — 3,821 449 Total Available-for-Sale Fixed Maturities $ 2,898,126 $ — $ 2,887,615 $ 10,511 Equity securities: Common stocks Public utilities $ 19,671 $ 19,671 $ — $ — Energy 15,047 15,047 — — Industrials 51,794 51,794 — — Consumer goods and services 24,117 24,117 — — Health care 27,420 27,420 — — Technology, media and telecommunications 15,369 15,369 — — Financial services 115,950 111,958 — 3,992 Nonredeemable preferred stocks 1,048 453 — 595 Total Available-for-Sale Equity Securities $ 270,416 $ 265,829 $ — $ 4,587 Total Available-for-Sale Securities $ 3,168,542 $ 265,829 $ 2,887,615 $ 15,098 TRADING Fixed maturities: Bonds Corporate bonds Industrials $ 3,919 $ — $ 3,919 $ — Consumer goods and services 127 — 127 — Health care 3,410 — 3,410 — Technology, media and telecommunications 787 — 787 — Financial services 4,842 — 4,842 — Redeemable preferred stocks 1,305 1,305 — — Equity securities: Public utilities 613 613 — — Energy 286 286 — — Industrials 877 877 — — Consumer goods and services 1,202 1,202 — — Health care 339 339 — — Financial services 206 206 — — Nonredeemable preferred stocks 2,121 2,121 — — Total Trading Securities $ 20,034 $ 6,949 $ 13,085 $ — Short-Term Investments $ 175 $ 175 $ — $ — Money Market Accounts $ 16,802 $ 16,802 $ — $ — Corporate-Owned Life Insurance $ 2,592 $ — $ 2,592 $ — Total Assets Measured at Fair Value $ 3,208,145 $ 289,755 $ 2,903,292 $ 15,098 The fair value of securities that are categorized as Level 1 is based on quoted market prices that are readily and regularly available. We use a market-based approach for valuing all of our Level 2 securities and submit them primarily to a third-party valuation service provider. Any of these securities not valued by this service provider are submitted to another third-party valuation service provider. Both service providers use a market approach to find pricing of similar financial instruments. The market inputs our service providers normally seek to value our securities include the following, listed in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The method and inputs for these securities classified as Level 2 are the same regardless of industry category, credit quality, duration, geographical concentration or economic characteristics. For our mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, our service providers use additional market inputs to value these securities, including the following: new issue data, periodic payment information, monthly payment information, collateral performance and real estate analysis from third parties. Our service providers prioritize inputs based on market conditions, and not all inputs listed are available for use in the valuation process for each security on any given day. At least annually, we review the methodologies and assumptions used by our valuation service providers and verify that they are reasonable and representative of the fair value of the underlying securities held in the investment portfolio. We validate the prices obtained from independent pricing services and brokers prior to their use for reporting purposes by evaluating their reasonableness on a monthly basis. Our validation process includes a review for unusual fluctuations. Unusual fluctuations outside of our expectations are independently corroborated with additional third-party sources that use similar valuation techniques as discussed above. In addition, we also randomly select securities and independently corroborate the valuations obtained from our third-party valuation service providers. In our opinion, the pricing obtained at March 31, 2017 and December 31, 2016 was reasonable. For the three-month period ended March 31, 2017 , the change in our available-for-sale securities categorized as Level 1 and Level 2 is the result of investment purchases that were made using funds held in our money market accounts, disposals and the change in unrealized gains on both fixed maturities and equity securities. During the three-month period ended March 31, 2017 , there were no securities transferred between Level 1 and Level 2. Securities categorized as Level 3 include holdings in certain private placement fixed maturity and equity securities for which an active market does not currently exist. The fair value of our Level 3 private placement securities is determined by management relying on pricing received from our independent pricing services and brokers consistent with the process to estimate fair value for Level 2 securities. However, securities are categorized as Level 3 if these quotes cannot be corroborated by other market observable data due to the unobservable nature of the brokers’ valuation processes. If pricing cannot be obtained from these sources, which occurs on a limited basis, management will perform a discounted cash flow analysis, using an appropriate risk-adjusted discount rate, on the underlying security to estimate fair value. During the three-month period ended March 31, 2017 , there were no securities transferred in or out of Level 3. The following table provides a summary of the changes in fair value of our Level 3 securities for the three-month period ended March 31, 2017 : States, municipalities and political subdivisions Corporate bonds Asset-backed securities Equities Total Balance at January 1, 2017 $ 168 $ 9,894 $ 449 $ 4,587 $ 15,098 Net unrealized gains (losses) (1) — (67 ) 7 — (60 ) Purchases — — — 145 145 Disposals — (333 ) — (14 ) (347 ) Balance at March 31, 2017 $ 168 $ 9,494 $ 456 $ 4,718 $ 14,836 (1) Unrealized gains (losses) are recorded as a component of comprehensive income. The fixed maturities reported as disposals relate to the receipt of principal on calls or sinking fund bonds, in accordance with the indentures. |
Reserves for Losses and Loss Se
Reserves for Losses and Loss Settlement Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Insurance Loss Reserves [Abstract] | |
Reserves for Losses and Loss Settlement Expenses | RESERVES FOR LOSSES AND LOSS SETTLEMENT EXPENSES Property insurance indemnifies an insured with an interest in physical property for loss of, or damage to, such property or the loss of its income-producing abilities. Casualty insurance primarily covers liability for damage to property of, or injury to, a person or entity other than the insured. In most cases, casualty insurance also obligates the insurance company to provide a defense for the insured in litigation, arising out of events covered by the policy. Liabilities for losses and loss settlement expenses reflect management's best estimates at a given point in time of what we expect to pay for claims that have been reported and those that have been incurred but not reported ("IBNR"), based on known facts, circumstances, and historical trends. Because property and casualty insurance reserves are estimates of the unpaid portions of incurred losses that have been reported to us, as well as losses that have been incurred but not reported, the establishment of appropriate reserves, including reserves for catastrophes, is an inherently uncertain and complex process. The ultimate cost of losses and related loss settlement expenses may vary materially from recorded amounts. We regularly update our reserve estimates as new information becomes available and as events unfold that may affect the resolution of unsettled claims. Changes in prior year reserve estimates, which may be material, are reported as a component of losses and loss settlement expenses incurred in the period such changes are determined. The determination of reserves (particularly those relating to liability lines of insurance that have relatively longer lag in claim reporting) requires significant work to reasonably project expected future claim reporting and payment patterns. If, during the course of our regular monitoring of reserves, we determine that coverages previously written are incurring higher than expected losses, we will take action that may include, among other things, increasing the related reserves. Any adjustments we make to reserves are reflected in operating results in the year in which we make those adjustments. We engage an independent actuary, Regnier Consulting Group, Inc. ("Regnier"), to render an opinion as to the reasonableness of our statutory reserves annually. The actuarial opinion is filed in those states where we are licensed. On a quarterly basis, United Fire's internal actuary performs a detailed actuarial review of IBNR reserves. This review includes a comparison of results from the most recent analysis of reserves completed by both our internal and external actuaries. Senior management meets with our internal actuary to review, on a regular and quarterly basis, the adequacy of carried reserves based on results from this actuarial analysis. There are two fundamental types or sources of IBNR reserves. We record IBNR reserves for "normal" types of claims and also specific IBNR reserves related to unique circumstances or events. A major hurricane is an example of an event that might necessitate establishing specific IBNR reserves because an analysis of existing historical data would not provide an appropriate estimate. We do not discount loss reserves based on the time value of money. The following table provides an analysis of changes in our property and casualty losses and loss settlement expense reserves at March 31, 2017 and December 31, 2016 (net of reinsurance amounts): March 31, 2017 December 31, 2016 Gross liability for losses and loss settlement expenses $ 1,123,896 $ 1,003,895 Ceded losses and loss settlement expenses (59,794 ) (54,653 ) Net liability for losses and loss settlement expenses $ 1,064,102 $ 949,242 Losses and loss settlement expenses incurred Current year $ 181,497 $ 683,662 Prior years (24,946 ) (31,229 ) Total incurred $ 156,551 $ 652,433 Losses and loss settlement expense payments Current year $ 39,100 $ 277,053 Prior years 97,803 260,520 Total paid $ 136,903 $ 537,573 Net liability for losses and loss settlement expenses $ 1,083,750 $ 1,064,102 Ceded loss and loss settlement expenses 56,969 59,794 Gross liability for losses and loss settlement expenses $ 1,140,719 $ 1,123,896 There are a multitude of factors that can impact loss reserve development. Those factors include, but are not limited to: historical data, the potential impact of various loss reserve development factors and trends including historical loss experience, legislative enactments, judicial decisions, legal developments in imposition of damages, experience with alternative dispute resolution, results of our medical bill review process, the potential impact of salvage and subrogation and changes and trends in general economic conditions, including the effects of inflation. All of these factors influence our estimates of required reserves and for long tail lines these factors can change over the course of the settlement of the claim. However, there is no precise method for evaluating the specific dollar impact of any individual factor on the development of reserves. The significant drivers of the favorable reserve development in 2017 were our commercial liability and workers compensation. The favorable development is attributable to reductions in reserves for reported claims, reductions in required reserves for incurred but not reported claims, along with reductions in reserves for loss adjustment expense. Reserve reductions were more than sufficient to offset claim payments and loss adjustment expense payments. Loss adjustment expense payments continue to benefit from successful management of litigation expenses. Partially offsetting the favorable reserve development was adverse development, which primarily came from our assumed reinsurance and commercial fire lines of business. Adverse development for assumed reinsurance is primarily attributable to emergence of additional reserves for reported claims. The adverse development for commercial fire was due to the emergence of 2016 accident year paid losses. Generally, we base reserves for each claim on the estimated ultimate exposure for that claim. We believe that it is appropriate and reasonable to establish a best estimate for reserves within a range of reasonable estimates, especially when we are reserving for claims for bodily injury, disabilities and similar claims, for which settlements and verdicts can vary widely. Our reserving philosophy may result in favorable reserve development in future years that will decrease losses and loss settlement expenses for prior year claims in the year of adjustment. We realize that this philosophy, coupled with what we believe to be aggressive and successful claims management and loss settlement practices, has resulted in year-to-year redundancies in reserves. We believe our approach produces recorded reserves that are reasonably consistent as to their relative position within a range of reasonable reserves from year-to-year. However, conditions and trends that have affected the reserve development for a given year do change. Therefore, such development cannot be used to project future reserve redundancies or deficiencies. We are not aware of any significant contingent liabilities related to environmental issues. Because of the type of property coverage we write, we have potential exposure to environmental pollution, mold and asbestos claims. Our underwriters are aware of these exposures and use riders or endorsements to limit exposure. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | EMPLOYEE BENEFITS Net Periodic Benefit Cost The components of the net periodic benefit cost for our pension and postretirement benefit plans are as follows: Pension Plan Postretirement Benefit Plan Three Months Ended March 31, 2017 2016 2017 2016 Net periodic benefit cost Service cost $ 1,714 $ 1,623 $ 505 $ 932 Interest cost 1,765 1,663 482 754 Expected return on plan assets (2,412 ) (1,988 ) — — Amortization of prior service credit — — (1,352 ) — Amortization of net loss 890 992 461 379 Net periodic benefit cost $ 1,957 $ 2,290 $ 96 $ 2,065 Employer Contributions We previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016 that we expected to contribute $6,400 to the pension plan in 2017 . For the three-month period ended March 31, 2017 , we contributed $1,596 to the pension plan. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION Non-qualified Employee Stock Award Plan The United Fire Group, Inc. 2008 Stock Plan (the "2008 Stock Plan") authorized the issuance of restricted and unrestricted stock awards, restricted stock units, stock appreciation rights, incentive stock options, and non-qualified stock options for up to 1,900,000 shares of UFG common stock to employees. In May 2014, the Registrant's shareholders approved an additional 1,500,000 shares of UFG common stock issuable at any time and from time to time pursuant to the 2008 Stock Plan, among other amendments, and renamed such plan as the United Fire Group, Inc. Stock Plan (as amended, the "Stock Plan"). At March 31, 2017 , there were 997,984 authorized shares remaining available for future issuance. The Stock Plan is administered by the Board of Directors, which determines those employees who will receive awards, when awards will be granted, and the terms and conditions of the awards. The Board of Directors may also take any action it deems necessary and appropriate for the administration of the Stock Plan. Pursuant to the Stock Plan, the Board of Directors may, at its sole discretion, grant awards to our employees who are in positions of substantial responsibility with UFG. Options granted pursuant to the Stock Plan are granted to buy shares of UFG's common stock at the market value of the stock on the date of grant. All outstanding option awards have graded vesting over 3 years or 5 years from the grant date, unless the Board of Directors authorizes acceleration of vesting. Performance stock units cliff-vest after 3 years and the certification of performance results by UFG’s Compensation Committee. To the extent not exercised, vested option awards accumulate and are exercisable by the awardee, in whole or in part, in any subsequent year included in the option period, but not later than 10 years from the grant date. Restricted and unrestricted stock awards granted pursuant to the Stock Plan are granted at the market value of our common stock on the date of the grant. Restricted stock units fully vest after 3 years or 5 years from the date of issuance, unless accelerated upon the approval of the Board of Directors, at which time UFG common stock will be issued to the awardee. The activity in the Stock Plan is displayed in the following table: Authorized Shares Available for Future Award Grants Three Months Ended March 31, 2017 From Inception to March 31, 2017 Beginning balance 1,248,651 1,900,000 Additional shares authorized — 1,500,000 Number of awards granted (253,895 ) (2,866,461 ) Number of awards forfeited or expired 3,228 464,445 Ending balance 997,984 997,984 Number of option awards exercised 45,037 994,105 Number of unrestricted stock awards granted — 7,325 Number of restricted stock awards vested — 36,970 Non-qualified Non-employee Director Stock Option and Restricted Stock Plan The United Fire Group, Inc. 2005 Non-qualified Non-employee Director Stock Option and Restricted Stock Plan (the "Director Plan") authorizes the issuance of restricted stock awards and non-qualified stock options to purchase shares of UFG's common stock to non-employee directors. At March 31, 2017 , we had 74,771 authorized shares available for future issuance. The Board of Directors has the authority to determine which non-employee directors receive awards, when options and restricted stock shall be granted, the option price, the option expiration date, the date of grant, the vesting schedule of options or whether the options shall be immediately vested, the terms and conditions of options and restricted stock (other than those terms and conditions set forth in the plan) and the number of shares of common stock to be issued pursuant to an option agreement or restricted stock agreement (subject to limits set forth in the plan). The Board of Directors may also take any action it deems necessary and appropriate for the administration of the Director Plan. The activity in the Director Plan is displayed in the following table: Authorized Shares Available for Future Award Grants Three Months Ended March 31, 2017 From Inception to March 31, 2017 Beginning balance 74,771 300,000 Number of awards granted — (249,232 ) Number of awards forfeited or expired — 24,003 Ending balance 74,771 74,771 Number of option awards exercised 1,727 54,200 Number of restricted stock awards vested — 31,556 Stock-Based Compensation Expense For the three-month periods ended March 31, 2017 and 2016 , we recognized stock-based compensation expense of $1,044 and $976 , respectively. Stock-based compensation expense is recognized over the vesting period of the stock options. As of March 31, 2017 , we had $11,297 in stock-based compensation expense that has yet to be recognized through our results of operations. We expect this compensation to be recognized over the remainder of 2017 and subsequent years according to the table below, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated. 2017 $ 3,250 2018 3,785 2019 2,718 2020 1,111 2021 393 2022 40 Total $ 11,297 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We have two reportable business segments in our operations: property and casualty insurance and life insurance. The property and casualty insurance segment has six domestic locations from which it conducts its business. The life insurance segment operates from our home office in Cedar Rapids, Iowa. Because all of our insurance is sold domestically, we have no revenues from foreign operations. We evaluate the two segments on the basis of both statutory accounting principles prescribed or permitted by our states of domicile and GAAP. We analyze results based on profitability (i.e., loss ratios), expenses, and return on equity. The basis we use to determine and analyze segments and to measure segment profit or loss have not changed from that reported in our Annual Report on Form 10-K for the year ended December 31, 2016 . We have reconciled the amounts in the following table for the three-month periods ended March 31, 2017 and 2016 to the amounts reported in our unaudited Consolidated Financial Statements, adjusting for intersegment eliminations. Property and Casualty Insurance Life Insurance Total As of and for the Three Months Ended March 31, 2017 Net premiums earned $ 236,444 $ 17,428 $ 253,872 Investment income, net of investment expenses 12,605 12,450 25,055 Net realized investment gains 2,249 1,705 3,954 Other income — 198 198 Total reportable segment $ 251,298 $ 31,781 $ 283,079 Intersegment eliminations (20 ) — (20 ) Total revenues $ 251,278 $ 31,781 $ 283,059 Net income $ 18,584 $ 1,352 $ 19,936 Assets $ 2,497,181 $ 1,599,804 $ 4,096,985 Invested assets $ 1,819,221 $ 1,486,235 $ 3,305,456 As of and for the Three Months Ended March 31, 2016 Net premiums earned $ 220,225 $ 21,073 $ 241,298 Investment income, net of investment expenses 9,409 12,852 22,261 Net realized investment gains 1,737 318 2,055 Other income — 108 108 Total reportable segment $ 231,371 $ 34,351 $ 265,722 Intersegment eliminations (37 ) — (37 ) Total revenues $ 231,334 $ 34,351 $ 265,685 Net income $ 22,020 $ 407 $ 22,427 Assets $ 2,344,686 $ 1,631,306 $ 3,975,992 Invested assets $ 1,675,088 $ 1,497,241 $ 3,172,329 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options, restricted stock awards and restricted stock unit awards. We determine the dilutive effect of our outstanding stock options using the "treasury stock" method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation. The components of basic and diluted earnings per share were as follows for the three-month periods ended March 31, 2017 and 2016 : Three Months Ended March 31, (In Thousands, Except Share Data) 2017 2016 Basic Diluted Basic Diluted Net income $ 19,936 $ 19,936 $ 22,427 $ 22,427 Weighted-average common shares outstanding 25,443,101 25,443,101 25,209,888 25,209,888 Add dilutive effect of restricted stock unit awards — 248,717 — 154,742 Add dilutive effect of stock options — 162,363 — 231,807 Weighted-average common shares 25,443,101 25,854,181 25,209,888 25,596,437 Earnings per common share $ 0.78 $ 0.77 $ 0.89 $ 0.88 Awards excluded from diluted earnings per share calculation (1) — — — 180,912 (1) Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would have been anti-dilutive. |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Credit Facility | CREDIT FACILITY On February 2, 2016, the Company, as borrower, entered into a Credit Agreement (the "Credit Agreement") by and among the Company, with the lenders from time to time party thereto and KeyBank National Association ("Key Bank"), as administrative agent, swingline lender and letter of credit issuer. The Credit Agreement provides for a $50,000 four -year unsecured revolving credit facility that includes a $20,000 letter of credit subfacility and a swingline subfacility in the amount up to $5,000 . The Credit Agreement allows the Company to increase the aggregate amount of the commitments thereunder by up to $100,000 , provided that no event of default has occurred and is continuing and certain other conditions are satisfied. The Credit Agreement is available for the Company's general corporate purposes, including liquidity, acquisitions and working capital. All unpaid principal and accrued interest under the Credit Agreement is due and payable in full at maturity on February 2, 2020. Based on the type of loan, advances under the Credit Agreement would bear interest on either the London interbank offered rate ("LIBOR") or a base rate plus, in each case, a calculated margin amount. The unused commitments under the Credit Agreement will be subject to a commitment fee that will be calculated at a per annum rate. The applicable margins for borrowings under the Credit Agreement and the commitment fee thereunder will be determined by reference to a pricing grid based on the Company’s issuer credit rating by A.M. Best Company, Inc. The Credit Agreement contains customary representations, conditions to borrowing, covenants and events of default, including certain covenants that limit or restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to sell or transfer assets, enter into a merger or consolidate with another company, create liens, impose restrictions on subsidiary dividends, enter into sale-leaseback transactions, make investments or acquisitions, enter into certain reinsurance agreements, pay dividends during any period of default, enter into transactions with affiliates, change the nature of its business, or incur indebtedness. The Credit Agreement also includes financial covenants that require the Company to (i) maintain a minimum consolidated net worth, (ii) maintain a minimum consolidated statutory surplus and (iii) not exceed a 0.35 to 1.0 debt to total capitalization ratio. There was no outstanding balance on the Credit Agreement at March 31, 2017 and 2016 , respectively. For the three-month periods ended March 31, 2017 and 2016 , we did no t incur any interest expense related to either credit facility. We were in compliance with all covenants of the Credit Agreement at March 31, 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME The following table shows the changes in the components of our accumulated other comprehensive income (loss), net of tax, for the three-month period ended March 31, 2017 : Liability for Net unrealized underfunded appreciation employee on investments benefit costs (1) Total Balance as of January 1, 2017 $ 133,892 $ (24,837 ) $ 109,055 Change in accumulated other comprehensive income before reclassifications 9,728 — 9,728 Reclassification adjustments from accumulated other comprehensive income (loss) (2,213 ) 878 (1,335 ) Balance as of March 31, 2017 $ 141,407 $ (23,959 ) $ 117,448 (1) Estimates and Assumptions: The preparation of financial statements in conformity with GAAP requires us to make various estimates and assumptions that affect the reporting of net periodic benefit cost, plan assets and plan obligations for each plan at the date of the financial statements. Actual results could differ from these estimates. One significant estimate relates to the calculation of the benefit obligation for each plan. We annually establish the discount rate, which is an estimate of the interest rate at which these benefits could be effectively settled, that is used to determine the present value of the respective plan's benefit obligations as of December 31. |
Nature of Operations and Basi19
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X promulgated by the SEC. Certain financial information that is included in our Annual Report on Form 10-K, including certain financial statement footnote disclosures, are not required by the rules and regulations of the SEC for interim financial reporting and have been condensed or omitted. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statement categories that are most dependent on management estimates and assumptions include: investments; deferred policy acquisition costs; reinsurance receivables and recoverables; future policy benefits and losses, claims and loss settlement expenses; and pension and postretirement benefit obligations. |
Reclassification | Certain prior year amounts have been reclassified to conform to the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts, and non-negotiable certificates of deposit with original maturities of three months or less. |
Deferred Policy Acquisition Costs (DAC) | Deferred Policy Acquisition Costs ("DAC") Certain costs associated with underwriting new business (primarily commissions, premium taxes and variable underwriting and policy issue expenses associated with successful acquisition efforts) are deferred. The following table is a summary of the components of DAC, including the related amortization recognized for the three-month period ended March 31, 2017 . Property & Casualty Insurance Life Insurance Total Recorded asset at beginning of period $ 93,362 $ 70,750 $ 164,112 Underwriting costs deferred 53,084 1,288 54,372 Amortization of deferred policy acquisition costs (50,461 ) (1,673 ) (52,134 ) Ending unamortized deferred policy acquisition costs $ 95,985 $ 70,365 $ 166,350 Impact of unrealized gains and losses on available-for-sale securities — (1,277 ) (1,277 ) Recorded asset at March 31, 2017 $ 95,985 $ 69,088 $ 165,073 Property and casualty insurance policy acquisition costs deferred are amortized as premium revenue is recognized. The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value. This takes into account the premium to be earned, losses and loss settlement expenses expected to be incurred and certain other costs expected to be incurred as the premium is earned. For traditional life insurance policies, DAC is amortized to income over the premium-paying period in proportion to the ratio of the expected annual premium revenue to the expected total premium revenue. Expected premium revenue and gross profits are based on the same mortality and withdrawal assumptions used in determining future policy benefits. These assumptions are not revised after policy issuance unless the recorded DAC asset is deemed to be unrecoverable from future expected profits. For non-traditional life insurance policies, DAC is amortized over the anticipated terms in proportion to the ratio of the expected annual gross profits to the total expected gross profits. Changes in the amount or timing of expected gross profits result in adjustments to the cumulative amortization of these costs. The effect on amortization of DAC for revisions to estimated gross profits is reported in earnings in the period the estimated gross profits are revised. The effect on DAC that results from the assumed realization of unrealized gains (losses) on investments allocated to non-traditional life insurance business is recognized with an offset to net unrealized investment appreciation as of the balance sheet date. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are established based on differences between the financial statement bases of assets and liabilities and the tax bases of those same assets and liabilities, using the currently enacted statutory tax rates. Deferred income tax expense is measured by the year-to-year change in the net deferred tax asset or liability, except for certain changes in deferred tax amounts that affect stockholders' equity and do not impact federal income tax expense. We reported a federal income tax expense of $5,153 and $6,347 for the three-month periods ended March 31, 2017 and 2016 , respectively. Our effective tax rate is different than the federal statutory rate of 35.0 percent due principally to the effect of tax-exempt municipal bond interest income and non-taxable dividend income. The Company performs a quarterly review of its tax positions and makes a determination of whether it is more likely than not that the tax position will be sustained upon examination. If based on review, it appears not more likely than not that the positions will be sustained, the Company will calculate any unrecognized tax benefits and, if necessary, calculate and accrue any related interest and penalties. We did no t recognize any liability for unrecognized tax benefits at March 31, 2017 or December 31, 2016 . In addition, we have not accrued for interest and penalties related to unrecognized tax benefits. However, if interest and penalties would need to be accrued related to unrecognized tax benefits, such amounts would be recognized as a component of federal income tax expense. We file a consolidated federal income tax return. We also file income tax returns in various state jurisdictions. We are no longer subject to federal or state income tax examination for years before 2009. The Internal Revenue Service is conducting a routine examination of our income tax return for the 2011 tax year. |
Subsequent Events | Subsequent Events In the preparation of the accompanying financial statements, the Company has evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure in the Company's financial statements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Accounting Standards Adopted in 2017 Share-Based Payments In March 2016, the Financial Accounting Standards Board ("FASB") issued new guidance on the accounting for share-based payments. The new guidance was issued to simplify the accounting of share-based payments, specifically in the areas of income taxes, classification on the balance sheets as liabilities or equity and classification in the cash flow statement. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those years. The Company adopted the new guidance prospectively as of January 1, 2017. The new guidance resulted in classification changes between the financing and operating section of the Statement of Cash Flow for stock based compensation expense. The adoption also resulted in a tax benefit of $130 during the three months ended March 31, 2017. Income Taxes In December 2015, the FASB issued guidance on the balance sheet classification of deferred taxes. The new guidance eliminates the requirement to split deferred tax liabilities and assets between current and non-current in a classified balance sheet. The new guidance allows deferred tax liabilities and assets to be included in non-current accounts. The Company adopted the new guidance as of January 1, 2017. The adoption had no impact on the Company's financial position and results of operations since we do not currently report deferred taxes in classified balance sheets. Pending Adoption of Accounting Standards Revenue Recognition In May 2014, the FASB issued comprehensive new guidance on revenue recognition which supersedes nearly all existing revenue recognition guidance under GAAP. The new guidance requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard creates a five-step model that requires companies to exercise judgment when considering the terms of the contract(s) and all relevant facts and circumstances. Insurance contracts are not within the scope of this new guidance. The new guidance is effective for annual and interim periods beginning after December 15, 2017. The Company will adopt the guidance as of January 1, 2018. The adoption of the new guidance will have no impact on the Company's reporting and disclosure of net premiums earned, net investment income or net realized gains and losses, as these items are not within the scope of this new guidance. The Company is currently evaluating the impact on the Company's financial position and results of operations with other revenue streams under this new guidance. These other revenue streams, currently reported in other income in the Consolidated Statements of Income and Comprehensive Income, are not a material amount of the Company's total revenue. Financial Instruments In January 2016, the FASB issued guidance updating certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments in this update supersede the guidance to classify equity securities with readily determinable fair values into different categories (for example, trading or available-for-sale) and require equity securities to be measured at fair value with changes in the fair value recognized through net income. The new guidance also simplifies the impairment process for equity investments without readily determinable fair values. The new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2018 and is currently evaluating the impact on the Company's financial position, results of operations and key processes. If the new guidance were adopted as of March 31, 2017, there would be a reclassification from accumulated other comprehensive income to retained earnings equal to the amount of net unrealized gains and losses on available-for-sale equity securities at December 31, 2016 disclosed in Note 2 "Summary of Investments," of this section. The impact to net realized gains (losses) would equal the change in net unrealized gains and losses on available-for-sale equity securities between March 31, 2017 and December 31, 2016, in the same tables. Statement of Cash Flows - Classification of Certain Cash Receipts and Payments In August 2016, the FASB issued an update that clarifies the classification of certain cash receipts and payments in the Statement of Cash Flows. The update addresses eight existing cash flow issues by clarifying the correct classification to establish uniformity in practice. The updated guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2018 and is currently reviewing the updates to the eight existing cash flow issues. Currently, management believes that one existing cash flow issue will be impacted by these updates. Management believes the update will have no impact on the Company's financial position and results of operations but may effect the current classification of the cash flow in the Statement of Cash Flows. Defined Benefit Retirement Plan Cost In March 2017, the FASB issued guidance on the presentation of net periodic benefit costs of defined benefit retirement benefit plans in the Statements of Income. The new guidance requires the service cost component of net periodic benefit cost of defined benefit plans to be presented in the same line in the Statements of Income as other employee compensation expenses. Also, under the new guidance, the service cost component of the net periodic benefit costs will be the only portion of costs subject to be capitalized in assets. The new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2018 and is currently evaluating the presentation of net periodic benefit costs in its financial statements and the impact on the Company's financial position and results of operations. Leases In February 2016, the FASB issued guidance on the accounting for leases. The new guidance requires lessees to place most leases on their balance sheets with expenses recognized on the income statement in a similar manner as previous methods. The new guidance is effective for annual periods beginning after December 15, 2018 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2019. The Company has created an inventory of its leases and has calculated the current minimum future lease payment, which is disclosed in Note 13 "Lease Commitments" of our Annual Report on Form 10-K for the year ended December 31, 2016. Financial Instruments - Credit Losses In June 2016, the FASB issued new guidance on the measurement of credit losses for most financial instruments. The new guidance replaces the current incurred loss model for recognizing credit losses with an expected loss model for instruments measured at amortized cost and requires allowances to be recorded for available-for-sale debt securities rather than reduce the carrying amount. These allowances will be remeasured each reporting period. The new guidance is effective for annual periods beginning after December 15, 2020 and interim periods within those years. The Company will adopt the new guidance as of January 1, 2021 and is currently evaluating the impact on the Company's financial position, results of operations and key processes. Income Taxes - Intra-entity Transfers In October 2016, the FASB issued new guidance on the income tax treatment of intra-entity transfers. The new guidance replaces the current guidance which prohibits the recognition of current and deferred income taxes of intra-entity transfers until the asset is sold externally. Under the new guidance, the exemption is eliminated and income taxes will be recognized on transfers of intra-entity assets. The new guidance is effective for annual periods beginning after December 15, 2018 and interim periods beginning after December 15, 2019. The Company will adopt the new guidance as of January 1, 2019 and is currently evaluating the impact on the Company's financial position and results of operations. Goodwill In January 2017, the FASB issued new guidance which simplifies the test for goodwill impairment. The new guidance eliminates the implied fair value calculation when measuring a goodwill impairment charge. Under the new guidance, impairment charges will be based on the excess of the carrying value over fair value of goodwill. The new guidance is effective for annual and interim periods beginning after December 15, 2019. The Company will adopt the new guidance as of January 1, 2020 and is currently evaluating the impact on the Company's financial position and results of operations. |
Fair Value Measurement | Current accounting guidance on fair value measurements includes the application of a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Our financial instruments that are recorded at fair value are categorized into a three-level hierarchy, which is based upon the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (i.e., Level 1) and the lowest priority to unobservable inputs (i.e., Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the financial instrument. Financial instruments recorded at fair value are categorized in the fair value hierarchy as follows: • Level 1 : Valuations are based on unadjusted quoted prices in active markets for identical financial instruments that we have the ability to access. • Level 2 : Valuations are based on quoted prices for similar financial instruments, other than quoted prices included in Level 1, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument. • Level 3 : Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. We review our fair value hierarchy categorizations on a quarterly basis at which time the classification of certain financial instruments may change if the input observations have changed. Transfers between levels, if any, are recorded as of the beginning of the reporting period. To determine the fair value of the majority of our investments, we utilize prices obtained from independent, nationally recognized pricing services. We obtain one price for each security. When the pricing services cannot provide a determination of fair value for a specific security, we obtain non-binding price quotes from broker-dealers with whom we have had several years experience and who have demonstrated knowledge of the subject security. We request and utilize one broker quote per security. In order to determine the proper classification in the fair value hierarchy for each security where the price is obtained from an independent pricing service, we obtain and evaluate the vendors' pricing procedures and inputs used to price the security, which include unadjusted quoted market prices for identical securities, such as a New York Stock Exchange closing price, and quoted prices for identical securities in markets that are not active. For fixed maturity securities, an evaluation of interest rates and yield curves observable at commonly quoted intervals, volatility, prepayment speeds, credit risks and default rates may also be performed. We have determined that these processes and inputs result in fair values and classifications consistent with the applicable accounting guidance on fair value measurements. When possible, we use quoted market prices to determine the fair value of fixed maturities, equity securities, trading securities and short-term investments. When quoted market prices do not exist, we base estimates of fair value on market information obtained from independent pricing services and brokers or on valuation techniques that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. Our valuation techniques are discussed in more detail throughout this section. The fair value of our mortgage loans is determined by modeling performed by us based on the stated principal and coupon payments provided for in the loan agreements. These cash flows are then discounted using an appropriate risk-adjusted discount rate to determine the security's fair value, which is a Level 3 fair value measurement. The fair value of our policy loans is equivalent to carrying value, which is a reasonable estimate of fair value and is classified as Level 2. We do not make policy loans for amounts in excess of the cash surrender value of the related policy. In all instances, the policy loans are fully collateralized by the related liability for future policy benefits for traditional insurance policies or by the policyholders' account balance for non-traditional policies. Our other long-term investments consist primarily of our interests in limited liability partnerships that are recorded on the equity method of accounting. The fair value of the partnerships is obtained from the fund managers, which is based on the fair value of the underlying investments held in the partnerships. In management's opinion, these values represent a reasonable estimate of fair value. We have not adjusted the net asset value provided by the fund managers. For cash and cash equivalents and accrued investment income, carrying value is a reasonable estimate of fair value due to the short-term nature of these financial instruments. Policy reserves are developed and recorded for deferred annuities, which is an interest-sensitive product, and income annuities. The fair value of the reserve liability for these annuity products is based upon an estimate of the discounted pretax cash flows that are forecast for the underlying business, which is a Level 3 fair value measurement. We base the discount rate on the current U.S. Treasury spot yield curve, which is then risk-adjusted for nonperformance risk and, for interest-sensitive business and market risk factors. The risk-adjusted discount rate is developed using interest rates that are available in the market and representative of the risks applicable to the underlying business. The fair value of securities that are categorized as Level 1 is based on quoted market prices that are readily and regularly available. We use a market-based approach for valuing all of our Level 2 securities and submit them primarily to a third-party valuation service provider. Any of these securities not valued by this service provider are submitted to another third-party valuation service provider. Both service providers use a market approach to find pricing of similar financial instruments. The market inputs our service providers normally seek to value our securities include the following, listed in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The method and inputs for these securities classified as Level 2 are the same regardless of industry category, credit quality, duration, geographical concentration or economic characteristics. For our mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, our service providers use additional market inputs to value these securities, including the following: new issue data, periodic payment information, monthly payment information, collateral performance and real estate analysis from third parties. Our service providers prioritize inputs based on market conditions, and not all inputs listed are available for use in the valuation process for each security on any given day. At least annually, we review the methodologies and assumptions used by our valuation service providers and verify that they are reasonable and representative of the fair value of the underlying securities held in the investment portfolio. We validate the prices obtained from independent pricing services and brokers prior to their use for reporting purposes by evaluating their reasonableness on a monthly basis. Our validation process includes a review for unusual fluctuations. Unusual fluctuations outside of our expectations are independently corroborated with additional third-party sources that use similar valuation techniques as discussed above. In addition, we also randomly select securities and independently corroborate the valuations obtained from our third-party valuation service providers. In our opinion, the pricing obtained at March 31, 2017 and December 31, 2016 was reasonable. For the three-month period ended March 31, 2017 , the change in our available-for-sale securities categorized as Level 1 and Level 2 is the result of investment purchases that were made using funds held in our money market accounts, disposals and the change in unrealized gains on both fixed maturities and equity securities. During the three-month period ended March 31, 2017 , there were no securities transferred between Level 1 and Level 2. Securities categorized as Level 3 include holdings in certain private placement fixed maturity and equity securities for which an active market does not currently exist. The fair value of our Level 3 private placement securities is determined by management relying on pricing received from our independent pricing services and brokers consistent with the process to estimate fair value for Level 2 securities. However, securities are categorized as Level 3 if these quotes cannot be corroborated by other market observable data due to the unobservable nature of the brokers’ valuation processes. If pricing cannot be obtained from these sources, which occurs on a limited basis, management will perform a discounted cash flow analysis, using an appropriate risk-adjusted discount rate, on the underlying security to estimate fair value. During the three-month period ended March 31, 2017 , there were no securities transferred in or out of Level 3. |
Segment Information | We have two reportable business segments in our operations: property and casualty insurance and life insurance. The property and casualty insurance segment has six domestic locations from which it conducts its business. The life insurance segment operates from our home office in Cedar Rapids, Iowa. Because all of our insurance is sold domestically, we have no revenues from foreign operations. We evaluate the two segments on the basis of both statutory accounting principles prescribed or permitted by our states of domicile and GAAP. We analyze results based on profitability (i.e., loss ratios), expenses, and return on equity. The basis we use to determine and analyze segments and to measure segment profit or loss have not changed from that reported in our Annual Report on Form 10-K for the year ended December 31, 2016 . |
Earnings Per Share | Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options, restricted stock awards and restricted stock unit awards. We determine the dilutive effect of our outstanding stock options using the "treasury stock" method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation. |
Nature of Operations and Basi20
Nature of Operations and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components of Deferred Acquisition Costs | The following table is a summary of the components of DAC, including the related amortization recognized for the three-month period ended March 31, 2017 . Property & Casualty Insurance Life Insurance Total Recorded asset at beginning of period $ 93,362 $ 70,750 $ 164,112 Underwriting costs deferred 53,084 1,288 54,372 Amortization of deferred policy acquisition costs (50,461 ) (1,673 ) (52,134 ) Ending unamortized deferred policy acquisition costs $ 95,985 $ 70,365 $ 166,350 Impact of unrealized gains and losses on available-for-sale securities — (1,277 ) (1,277 ) Recorded asset at March 31, 2017 $ 95,985 $ 69,088 $ 165,073 |
Summary of Investments (Tables)
Summary of Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments [Abstract] | |
Fair Value of Investments | A reconciliation of the amortized cost (cost for equity securities) to fair value of investments in held-to-maturity and available-for-sale fixed maturity and equity securities as of March 31, 2017 and December 31, 2016 is as follows: March 31, 2017 Type of Investment Cost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value HELD-TO-MATURITY Fixed maturities: Bonds Corporate bonds - financial services $ 150 $ — $ — $ 150 Mortgage-backed securities 45 1 — 46 Total Held-to-Maturity Fixed Maturities $ 195 $ 1 $ — $ 196 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 22,142 $ 73 $ 100 $ 22,115 U.S. government agency 70,671 1,426 438 71,659 States, municipalities and political subdivisions General obligations: Midwest 133,706 1,873 1,068 134,511 Northeast 56,241 1,042 177 57,106 South 144,366 1,455 2,298 143,523 West 123,026 1,558 1,839 122,745 Special revenue: Midwest 165,789 2,412 1,326 166,875 Northeast 72,489 558 2,323 70,724 South 258,835 2,020 5,954 254,901 West 148,390 1,701 3,717 146,374 Foreign bonds 59,295 2,076 — 61,371 Public utilities 211,412 3,987 427 214,972 Corporate bonds Energy 103,194 2,190 193 105,191 Industrials 222,476 5,017 498 226,995 Consumer goods and services 176,581 4,089 269 180,401 Health care 75,951 2,039 37 77,953 Technology, media and telecommunications 143,113 2,562 700 144,975 Financial services 272,088 5,720 929 276,879 Mortgage-backed securities 16,366 166 250 16,282 Collateralized mortgage obligations Government national mortgage association 156,554 1,483 2,451 155,586 Federal home loan mortgage corporation 178,052 1,886 3,453 176,485 Federal national mortgage association 99,420 1,907 1,090 100,237 Asset-backed securities 4,367 147 186 4,328 Total Available-for-Sale Fixed Maturities $ 2,914,524 $ 47,387 $ 29,723 $ 2,932,188 Equity securities: Common stocks Public utilities $ 6,394 $ 14,691 $ 125 $ 20,960 Energy 6,514 7,828 29 14,313 Industrials 13,117 42,387 175 55,329 Consumer goods and services 10,074 15,272 64 25,282 Health care 7,763 22,065 — 29,828 Technology, media and telecommunications 6,009 9,355 59 15,305 Financial services 17,069 96,587 50 113,606 Nonredeemable preferred stocks 1,037 24 — 1,061 Total Available-for-Sale Equity Securities $ 67,977 $ 208,209 $ 502 $ 275,684 Total Available-for-Sale Securities $ 2,982,501 $ 255,596 $ 30,225 $ 3,207,872 December 31, 2016 Type of Investment Cost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value HELD-TO-MATURITY Fixed maturities: Bonds Corporate bonds - financial services $ 150 $ — $ — $ 150 Mortgage-backed securities 48 1 — 49 Total Held-to-Maturity Fixed Maturities $ 198 $ 1 $ — $ 199 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 23,216 $ 87 $ 108 $ 23,195 U.S. government agency 76,692 1,445 540 77,597 States, municipalities and political subdivisions General obligations: Midwest 143,747 1,808 1,412 144,143 Northeast 57,731 909 231 58,409 South 129,475 1,249 2,355 128,369 West 114,524 1,380 2,173 113,731 Special revenue: Midwest 167,430 2,313 1,433 168,310 Northeast 70,202 487 2,624 68,065 South 244,225 1,753 6,791 239,187 West 134,287 1,509 4,052 131,744 Foreign bonds 62,995 2,239 — 65,234 Public utilities 212,360 3,761 447 215,674 Corporate bonds Energy 107,084 2,195 419 108,860 Industrials 225,526 5,359 982 229,903 Consumer goods and services 178,135 3,847 295 181,687 Health care 81,211 2,063 151 83,123 Technology, media and telecommunications 143,402 2,029 819 144,612 Financial services 269,981 5,328 1,358 273,951 Mortgage-backed securities 17,288 201 241 17,248 Collateralized mortgage obligations Government national mortgage association 145,947 1,279 2,766 144,460 Federal home loan mortgage corporation 176,226 1,638 3,406 174,458 Federal national mortgage association 101,414 1,816 1,334 101,896 Asset-backed securities 4,407 145 282 4,270 Total Available-for-Sale Fixed Maturities $ 2,887,505 $ 44,840 $ 34,219 $ 2,898,126 Equity securities: Common stocks Public utilities $ 6,394 $ 13,465 $ 188 $ 19,671 Energy 6,514 8,555 22 15,047 Industrials 13,252 38,715 173 51,794 Consumer goods and services 10,324 13,851 58 24,117 Health care 7,763 19,657 — 27,420 Technology, media and telecommunications 5,931 9,476 38 15,369 Financial services 17,289 98,728 67 115,950 Nonredeemable preferred stocks 1,037 11 — 1,048 Total Available-for-Sale Equity Securities $ 68,504 $ 202,458 $ 546 $ 270,416 Total Available-for-Sale Securities $ 2,956,009 $ 247,298 $ 34,765 $ 3,168,542 |
Maturities | The amortized cost and fair value of held-to-maturity, available-for-sale and trading fixed maturity securities at March 31, 2017 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity. Held-To-Maturity Available-For-Sale Trading March 31, 2017 Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 150 $ 150 $ 125,861 $ 126,941 $ 2,593 $ 2,815 Due after one year through five years — — 814,770 835,999 7,213 8,396 Due after five years through 10 years — — 802,379 812,933 1,302 1,377 Due after 10 years — — 716,755 703,397 2,156 2,383 Asset-backed securities — — 4,367 4,328 — — Mortgage-backed securities 45 46 16,366 16,282 — — Collateralized mortgage obligations — — 434,026 432,308 — — $ 195 $ 196 $ 2,914,524 $ 2,932,188 $ 13,264 $ 14,971 |
Net Realized Investment Gains and Losses | A summary of the components of net realized investment gains is as follows: Three Months Ended March 31, 2017 2016 Net realized investment gains Fixed maturities: Available-for-sale $ 1,995 $ 516 Trading securities Change in fair value 371 273 Sales 57 — Equity securities: Available-for-sale 1,410 984 Trading securities Change in fair value 111 93 Sales 10 — Short-term investments — 43 Cash equivalents — 146 Total net realized investment gains $ 3,954 $ 2,055 |
Proceeds and Gross Realized Gains and Losses | The proceeds and gross realized gains on the sale of available-for-sale fixed maturity securities are as follows: Three Months Ended March 31, 2017 2016 Proceeds from sales $ 5,059 $ 1,968 Gross realized gains 2,222 921 |
Unrealized Investment Appreciation | A summary of the changes in net unrealized investment appreciation during the reporting period is as follows: Three Months Ended March 31, 2017 2016 Change in net unrealized investment appreciation Available-for-sale fixed maturities $ 7,043 $ 52,556 Available-for-sale equity securities 5,795 1,359 Deferred policy acquisition costs (1,277 ) (11,685 ) Income tax effect (4,046 ) (14,781 ) Total change in net unrealized investment appreciation, net of tax $ 7,515 $ 27,449 |
Investments in Unrealized Loss Position | March 31, 2017 Less than 12 months 12 months or longer Total Type of Investment Number Fair Gross Unrealized Number Fair Gross Unrealized Depreciation Fair Gross Unrealized Depreciation AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury 11 $ 11,779 $ 100 — $ — $ — $ 11,779 $ 100 U.S. government agency 9 33,651 438 — — — 33,651 438 States, municipalities and political subdivisions General obligations Midwest 16 32,139 1,068 — — — 32,139 1,068 Northeast 4 6,939 177 — — — 6,939 177 South 28 60,252 2,298 — — — 60,252 2,298 West 23 48,967 1,839 — — — 48,967 1,839 Special revenue Midwest 30 51,512 1,326 — — — 51,512 1,326 Northeast 21 51,512 2,323 — — — 51,512 2,323 South 69 142,601 5,954 — — — 142,601 5,954 West 36 75,008 3,717 — — — 75,008 3,717 Public utilities 17 32,195 389 3 2,107 38 34,302 427 Corporate bonds Energy 4 6,951 173 1 4,174 20 11,125 193 Industrials 16 26,794 297 2 4,758 201 31,552 498 Consumer goods and services 11 20,912 269 — — — 20,912 269 Health care 3 8,472 37 — — — 8,472 37 Technology, media and telecommunications 13 32,671 397 3 10,222 303 42,893 700 Financial services 24 51,512 929 — — — 51,512 929 Mortgage-backed securities 19 9,301 195 4 1,087 55 10,388 250 Collateralized mortgage obligations Government national mortgage association 36 82,052 1,830 10 17,273 621 99,325 2,451 Federal home loan mortgage corporation 40 100,351 3,223 3 4,969 230 105,320 3,453 Federal national mortgage association 23 39,294 857 4 4,180 233 43,474 1,090 Asset-backed securities — — — 1 2,647 186 2,647 186 Total Available-for-Sale Fixed Maturities 453 $ 924,865 $ 27,836 31 $ 51,417 $ 1,887 $ 976,282 $ 29,723 Equity securities: Common stocks Public utilities — $ — $ — 3 $ 183 $ 125 $ 183 $ 125 Energy 1 190 2 1 158 27 348 29 Industrials — — — 6 237 175 237 175 Consumer goods and services 1 22 1 4 269 63 291 64 Technology, media and telecommunications 8 93 16 8 22 43 115 59 Financial services 3 53 2 2 165 48 218 50 Total Available-for-Sale Equity Securities 13 $ 358 $ 21 24 $ 1,034 $ 481 $ 1,392 $ 502 Total Available-for-Sale Securities 466 $ 925,223 $ 27,857 55 $ 52,451 $ 2,368 $ 977,674 $ 30,225 December 31, 2016 Less than 12 months 12 months or longer Total Type of Investment Number Fair Gross Unrealized Depreciation Number Fair Gross Unrealized Depreciation Fair Gross Unrealized Depreciation AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury 9 $ 10,800 $ 108 — $ — $ — $ 10,800 $ 108 U.S. government agency 10 36,593 540 — — — 36,593 540 States, municipalities and political subdivisions General obligations Midwest 27 40,545 1,412 — — — 40,545 1,412 Northeast 9 9,874 231 — — — 9,874 231 South 37 53,699 2,355 — — — 53,699 2,355 West 30 55,265 2,173 — — — 55,265 2,173 Special revenue Midwest 41 62,937 1,433 — — — 62,937 1,433 Northeast 22 54,993 2,624 — — — 54,993 2,624 South 79 152,979 6,791 — — — 152,979 6,791 West 44 81,676 4,052 — — — 81,676 4,052 Public utilities 20 38,511 423 2 2,122 24 40,633 447 Corporate bonds Energy 8 15,938 313 3 8,232 106 24,170 419 Industrials 24 42,854 596 3 5,641 386 48,495 982 Consumer goods and services 11 21,059 295 — — — 21,059 295 Health care 9 20,918 151 — — — 20,918 151 Technology, media and telecommunications 16 41,230 516 3 10,241 303 51,471 819 Financial services 37 75,286 1,358 — — — 75,286 1,358 Mortgage-backed securities 16 9,611 187 5 1,198 54 10,809 241 Collateralized mortgage obligations Government national mortgage association 36 82,430 2,261 9 13,603 505 96,033 2,766 Federal home loan mortgage corporation 41 105,775 3,165 3 5,141 241 110,916 3,406 Federal national mortgage association 27 46,633 1,091 4 4,341 243 50,974 1,334 Asset-backed securities 1 971 29 1 2,559 253 3,530 282 Total Available-for-Sale Fixed Maturities 554 $ 1,060,577 $ 32,104 33 $ 53,078 $ 2,115 $ 1,113,655 $ 34,219 Equity securities: Common stocks Public utilities — $ — $ — 3 $ 120 $ 188 $ 120 $ 188 Energy — — — 1 163 22 163 22 Industrials — — — 6 239 173 239 173 Consumer goods and services 3 282 55 2 15 3 297 58 Technology, media and telecommunications 7 26 5 8 33 33 59 38 Financial services 3 53 3 2 150 64 203 67 Total Available-for-Sale Equity Securities 13 $ 361 $ 63 22 $ 720 $ 483 $ 1,081 $ 546 Total Available-for-Sale Securities 567 $ 1,060,938 $ 32,167 55 $ 53,798 $ 2,598 $ 1,114,736 $ 34,765 |
Fair Value of Financial Instr22
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Estimated Fair Value of Financial Instruments | A summary of the carrying value and estimated fair value of our financial instruments at March 31, 2017 and December 31, 2016 is as follows: March 31, 2017 December 31, 2016 Fair Value Carrying Value Fair Value Carrying Value Assets Investments Fixed maturities: Held-to-maturity securities $ 196 $ 195 $ 199 $ 198 Available-for-sale securities 2,932,188 2,932,188 2,898,126 2,898,126 Trading securities 14,971 14,971 14,390 14,390 Equity securities: Available-for-sale securities 275,684 275,684 270,416 270,416 Trading securities 6,183 6,183 5,644 5,644 Mortgage loans 3,817 3,640 3,895 3,706 Policy loans 5,396 5,396 5,366 5,366 Other long-term investments 67,024 67,024 67,639 67,639 Short-term investments 175 175 175 175 Cash and cash equivalents 93,656 93,656 110,853 110,853 Corporate-owned life insurance 3,000 3,000 2,592 2,592 Liabilities Policy reserves Annuity (accumulations) (1) $ 640,973 $ 649,395 $ 646,764 $ 666,711 Annuity (benefit payments) 142,968 94,385 144,283 95,129 (1) Annuity accumulations represent deferred annuity contracts that are currently earning interest. |
Financial Instruments Measured at Fair Value on Recurring Basis | The following tables present the categorization for our financial instruments measured at fair value on a recurring basis in our Consolidated Balance Sheets at March 31, 2017 and December 31, 2016 : March 31, 2017 Fair Value Measurements Description Total Level 1 Level 2 Level 3 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 22,115 $ — $ 22,115 $ — U.S. government agency 71,659 — 71,659 — States, municipalities and political subdivisions General obligations Midwest 134,511 — 134,511 — Northeast 57,106 — 57,106 — South 143,523 — 143,523 — West 122,745 — 122,745 — Special revenue Midwest 166,875 — 166,707 168 Northeast 70,724 — 70,724 — South 254,901 — 254,901 — West 146,374 — 146,374 — Foreign bonds 61,371 — 61,371 — Public utilities 214,972 — 214,972 — Corporate bonds Energy 105,191 — 105,191 — Industrials 226,995 — 226,995 — Consumer goods and services 180,401 — 179,342 1,059 Health care 77,953 — 77,953 — Technology, media and telecommunications 144,975 — 144,975 — Financial services 276,879 — 268,444 8,435 Mortgage-backed securities 16,282 — 16,282 — Collateralized mortgage obligations Government national mortgage association 155,586 — 155,586 — Federal home loan mortgage corporation 176,485 — 176,485 — Federal national mortgage association 100,237 — 100,237 — Asset-backed securities 4,328 — 3,872 456 Total Available-for-Sale Fixed Maturities $ 2,932,188 $ — $ 2,922,070 $ 10,118 Equity securities: Common stocks Public utilities $ 20,960 $ 20,960 $ — $ — Energy 14,313 14,313 — — Industrials 55,329 55,329 — — Consumer goods and services 25,282 25,282 — — Health care 29,828 29,828 — — Technology, media and telecommunications 15,305 15,305 — — Financial services 113,606 109,483 — 4,123 Nonredeemable preferred stocks 1,061 466 — 595 Total Available-for-Sale Equity Securities $ 275,684 $ 270,966 $ — $ 4,718 Total Available-for-Sale Securities $ 3,207,872 $ 270,966 $ 2,922,070 $ 14,836 TRADING Fixed maturities: Corporate bonds Industrials $ 3,761 $ — $ 3,761 $ — Consumer goods and services 143 — 143 — Health care 3,597 — 3,597 — Technology, media and telecommunications 1,195 — 1,195 — Financial services 4,567 — 4,567 — Asset-backed securities — — — — Redeemable preferred stocks 1,708 1,708 — — Equity securities: Public utilities 621 621 — — Energy 231 231 — — Industrials 897 897 — — Consumer goods and services 1,168 1,168 — — Health care 366 366 — — Financial services 220 220 — — Nonredeemable preferred stocks 2,680 2,680 — — Total Trading Securities $ 21,154 $ 7,891 $ 13,263 $ — Short-Term Investments $ 175 $ 175 $ — $ — Money Market Accounts $ 19,124 $ 19,124 $ — $ — Corporate-Owned Life Insurance $ 3,000 $ — $ 3,000 $ — Total Assets Measured at Fair Value $ 3,251,325 $ 298,156 $ 2,938,333 $ 14,836 December 31, 2016 Fair Value Measurements Description Total Level 1 Level 2 Level 3 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 23,195 $ — $ 23,195 $ — U.S. government agency 77,597 — 77,597 — States, municipalities and political subdivisions General obligations Midwest 144,143 — 144,143 — Northeast 58,409 — 58,409 — South 128,369 — 128,369 — West 113,731 — 113,731 — Special revenue Midwest 168,310 — 168,142 168 Northeast 68,065 — 68,065 — South 239,187 — 239,187 — West 131,744 — 131,744 — Foreign bonds 65,234 — 65,234 — Public utilities 215,674 — 215,674 — Corporate bonds Energy 108,860 — 108,860 — Industrials 229,903 — 229,903 — Consumer goods and services 181,687 — 180,590 1,097 Health care 83,123 — 83,123 — Technology, media and telecommunications 144,612 — 144,612 — Financial services 273,951 — 265,154 8,797 Mortgage-backed securities 17,248 — 17,248 — Collateralized mortgage obligations Government national mortgage association 144,460 — 144,460 — Federal home loan mortgage corporation 174,458 — 174,458 — Federal national mortgage association 101,896 — 101,896 — Asset-backed securities 4,270 — 3,821 449 Total Available-for-Sale Fixed Maturities $ 2,898,126 $ — $ 2,887,615 $ 10,511 Equity securities: Common stocks Public utilities $ 19,671 $ 19,671 $ — $ — Energy 15,047 15,047 — — Industrials 51,794 51,794 — — Consumer goods and services 24,117 24,117 — — Health care 27,420 27,420 — — Technology, media and telecommunications 15,369 15,369 — — Financial services 115,950 111,958 — 3,992 Nonredeemable preferred stocks 1,048 453 — 595 Total Available-for-Sale Equity Securities $ 270,416 $ 265,829 $ — $ 4,587 Total Available-for-Sale Securities $ 3,168,542 $ 265,829 $ 2,887,615 $ 15,098 TRADING Fixed maturities: Bonds Corporate bonds Industrials $ 3,919 $ — $ 3,919 $ — Consumer goods and services 127 — 127 — Health care 3,410 — 3,410 — Technology, media and telecommunications 787 — 787 — Financial services 4,842 — 4,842 — Redeemable preferred stocks 1,305 1,305 — — Equity securities: Public utilities 613 613 — — Energy 286 286 — — Industrials 877 877 — — Consumer goods and services 1,202 1,202 — — Health care 339 339 — — Financial services 206 206 — — Nonredeemable preferred stocks 2,121 2,121 — — Total Trading Securities $ 20,034 $ 6,949 $ 13,085 $ — Short-Term Investments $ 175 $ 175 $ — $ — Money Market Accounts $ 16,802 $ 16,802 $ — $ — Corporate-Owned Life Insurance $ 2,592 $ — $ 2,592 $ — Total Assets Measured at Fair Value $ 3,208,145 $ 289,755 $ 2,903,292 $ 15,098 |
Changes in Fair Value of Level 3 Securities | The following table provides a summary of the changes in fair value of our Level 3 securities for the three-month period ended March 31, 2017 : States, municipalities and political subdivisions Corporate bonds Asset-backed securities Equities Total Balance at January 1, 2017 $ 168 $ 9,894 $ 449 $ 4,587 $ 15,098 Net unrealized gains (losses) (1) — (67 ) 7 — (60 ) Purchases — — — 145 145 Disposals — (333 ) — (14 ) (347 ) Balance at March 31, 2017 $ 168 $ 9,494 $ 456 $ 4,718 $ 14,836 (1) Unrealized gains (losses) are recorded as a component of comprehensive income. |
Reserves for Losses and Loss 23
Reserves for Losses and Loss Settlement Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table provides an analysis of changes in our property and casualty losses and loss settlement expense reserves at March 31, 2017 and December 31, 2016 (net of reinsurance amounts): March 31, 2017 December 31, 2016 Gross liability for losses and loss settlement expenses $ 1,123,896 $ 1,003,895 Ceded losses and loss settlement expenses (59,794 ) (54,653 ) Net liability for losses and loss settlement expenses $ 1,064,102 $ 949,242 Losses and loss settlement expenses incurred Current year $ 181,497 $ 683,662 Prior years (24,946 ) (31,229 ) Total incurred $ 156,551 $ 652,433 Losses and loss settlement expense payments Current year $ 39,100 $ 277,053 Prior years 97,803 260,520 Total paid $ 136,903 $ 537,573 Net liability for losses and loss settlement expenses $ 1,083,750 $ 1,064,102 Ceded loss and loss settlement expenses 56,969 59,794 Gross liability for losses and loss settlement expenses $ 1,140,719 $ 1,123,896 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost | The components of the net periodic benefit cost for our pension and postretirement benefit plans are as follows: Pension Plan Postretirement Benefit Plan Three Months Ended March 31, 2017 2016 2017 2016 Net periodic benefit cost Service cost $ 1,714 $ 1,623 $ 505 $ 932 Interest cost 1,765 1,663 482 754 Expected return on plan assets (2,412 ) (1,988 ) — — Amortization of prior service credit — — (1,352 ) — Amortization of net loss 890 992 461 379 Net periodic benefit cost $ 1,957 $ 2,290 $ 96 $ 2,065 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Share-based Compensation [Abstract] | |
Activity in Stock Award Plans | The activity in the Director Plan is displayed in the following table: Authorized Shares Available for Future Award Grants Three Months Ended March 31, 2017 From Inception to March 31, 2017 Beginning balance 74,771 300,000 Number of awards granted — (249,232 ) Number of awards forfeited or expired — 24,003 Ending balance 74,771 74,771 Number of option awards exercised 1,727 54,200 Number of restricted stock awards vested — 31,556 The activity in the Stock Plan is displayed in the following table: Authorized Shares Available for Future Award Grants Three Months Ended March 31, 2017 From Inception to March 31, 2017 Beginning balance 1,248,651 1,900,000 Additional shares authorized — 1,500,000 Number of awards granted (253,895 ) (2,866,461 ) Number of awards forfeited or expired 3,228 464,445 Ending balance 997,984 997,984 Number of option awards exercised 45,037 994,105 Number of unrestricted stock awards granted — 7,325 Number of restricted stock awards vested — 36,970 |
Remaining Stock-Based Compensation Expense | We expect this compensation to be recognized over the remainder of 2017 and subsequent years according to the table below, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated. 2017 $ 3,250 2018 3,785 2019 2,718 2020 1,111 2021 393 2022 40 Total $ 11,297 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | We have reconciled the amounts in the following table for the three-month periods ended March 31, 2017 and 2016 to the amounts reported in our unaudited Consolidated Financial Statements, adjusting for intersegment eliminations. Property and Casualty Insurance Life Insurance Total As of and for the Three Months Ended March 31, 2017 Net premiums earned $ 236,444 $ 17,428 $ 253,872 Investment income, net of investment expenses 12,605 12,450 25,055 Net realized investment gains 2,249 1,705 3,954 Other income — 198 198 Total reportable segment $ 251,298 $ 31,781 $ 283,079 Intersegment eliminations (20 ) — (20 ) Total revenues $ 251,278 $ 31,781 $ 283,059 Net income $ 18,584 $ 1,352 $ 19,936 Assets $ 2,497,181 $ 1,599,804 $ 4,096,985 Invested assets $ 1,819,221 $ 1,486,235 $ 3,305,456 As of and for the Three Months Ended March 31, 2016 Net premiums earned $ 220,225 $ 21,073 $ 241,298 Investment income, net of investment expenses 9,409 12,852 22,261 Net realized investment gains 1,737 318 2,055 Other income — 108 108 Total reportable segment $ 231,371 $ 34,351 $ 265,722 Intersegment eliminations (37 ) — (37 ) Total revenues $ 231,334 $ 34,351 $ 265,685 Net income $ 22,020 $ 407 $ 22,427 Assets $ 2,344,686 $ 1,631,306 $ 3,975,992 Invested assets $ 1,675,088 $ 1,497,241 $ 3,172,329 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share were as follows for the three-month periods ended March 31, 2017 and 2016 : Three Months Ended March 31, (In Thousands, Except Share Data) 2017 2016 Basic Diluted Basic Diluted Net income $ 19,936 $ 19,936 $ 22,427 $ 22,427 Weighted-average common shares outstanding 25,443,101 25,443,101 25,209,888 25,209,888 Add dilutive effect of restricted stock unit awards — 248,717 — 154,742 Add dilutive effect of stock options — 162,363 — 231,807 Weighted-average common shares 25,443,101 25,854,181 25,209,888 25,596,437 Earnings per common share $ 0.78 $ 0.77 $ 0.89 $ 0.88 Awards excluded from diluted earnings per share calculation (1) — — — 180,912 (1) Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would have been anti-dilutive. |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table shows the changes in the components of our accumulated other comprehensive income (loss), net of tax, for the three-month period ended March 31, 2017 : Liability for Net unrealized underfunded appreciation employee on investments benefit costs (1) Total Balance as of January 1, 2017 $ 133,892 $ (24,837 ) $ 109,055 Change in accumulated other comprehensive income before reclassifications 9,728 — 9,728 Reclassification adjustments from accumulated other comprehensive income (loss) (2,213 ) 878 (1,335 ) Balance as of March 31, 2017 $ 141,407 $ (23,959 ) $ 117,448 (1) Estimates and Assumptions: The preparation of financial statements in conformity with GAAP requires us to make various estimates and assumptions that affect the reporting of net periodic benefit cost, plan assets and plan obligations for each plan at the date of the financial statements. Actual results could differ from these estimates. One significant estimate relates to the calculation of the benefit obligation for each plan. We annually establish the discount rate, which is an estimate of the interest rate at which these benefits could be effectively settled, that is used to determine the present value of the respective plan's benefit obligations as of December 31. |
Nature of Operations and Basi29
Nature of Operations and Basis of Presentation (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)segmentstate | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of business segments | segment | 2 | ||
Segment Reporting Information [Line Items] | |||
Payment for income taxes | $ 9,000 | $ 6,509,000 | |
Federal tax refund received | 0 | 0 | |
Interest payments | 0 | 0 | |
Decrease in DAC asset related to assumed realization of unrealized gains (losses) | 7,690,000 | $ 6,413,000 | |
Federal income tax expense | $ (5,153,000) | $ (6,347,000) | |
Federal statutory rate | 35.00% | 35.00% | |
Liability for unrecognized tax benefits | $ 0 | $ 0 | |
Excess tax benefit | $ (130,000) | ||
Property and Casualty Insurance | |||
Segment Reporting Information [Line Items] | |||
Number of states in which we are licensed as insurer | state | 46 | ||
Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Number of states in which we are licensed as insurer | state | 37 |
Nature of Operations and Basi30
Nature of Operations and Basis of Presentation (Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Recorded asset at beginning of period | $ 164,112 | |
Underwriting costs deferred | 54,372 | |
Amortization of deferred policy acquisition costs | (52,134) | |
Ending unamortized deferred policy acquisition costs | 166,350 | |
Impact of unrealized gains and losses on available-for-sale securities | (1,277) | $ (11,685) |
Recorded asset at end of period | 165,073 | |
Property and Casualty Insurance | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Recorded asset at beginning of period | 93,362 | |
Underwriting costs deferred | 53,084 | |
Amortization of deferred policy acquisition costs | (50,461) | |
Ending unamortized deferred policy acquisition costs | 95,985 | |
Impact of unrealized gains and losses on available-for-sale securities | 0 | |
Recorded asset at end of period | 95,985 | |
Life Insurance | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Recorded asset at beginning of period | 70,750 | |
Underwriting costs deferred | 1,288 | |
Amortization of deferred policy acquisition costs | (1,673) | |
Ending unamortized deferred policy acquisition costs | 70,365 | |
Impact of unrealized gains and losses on available-for-sale securities | (1,277) | |
Recorded asset at end of period | $ 69,088 |
Summary of Investments (Fair Va
Summary of Investments (Fair Value of Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
HELD-TO-MATURITY | ||
Cost or Amortized Cost | $ 195 | $ 198 |
Fair Value | 196 | 199 |
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 2,982,501 | 2,956,009 |
Gross Unrealized Appreciation | 255,596 | 247,298 |
Gross Unrealized Depreciation | 30,225 | 34,765 |
Fair Value | 3,207,872 | 3,168,542 |
Fixed Maturities | ||
HELD-TO-MATURITY | ||
Cost or Amortized Cost | 195 | 198 |
Gross Unrealized Appreciation | 1 | 1 |
Gross Unrealized Depreciation | 0 | 0 |
Fair Value | 196 | 199 |
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 2,914,524 | 2,887,505 |
Gross Unrealized Appreciation | 47,387 | 44,840 |
Gross Unrealized Depreciation | 29,723 | 34,219 |
Fair Value | 2,932,188 | 2,898,126 |
Corporate bonds | Energy | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 103,194 | 107,084 |
Gross Unrealized Appreciation | 2,190 | 2,195 |
Gross Unrealized Depreciation | 193 | 419 |
Fair Value | 105,191 | 108,860 |
Corporate bonds | Industrials | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 222,476 | 225,526 |
Gross Unrealized Appreciation | 5,017 | 5,359 |
Gross Unrealized Depreciation | 498 | 982 |
Fair Value | 226,995 | 229,903 |
Corporate bonds | Consumer goods and services | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 176,581 | 178,135 |
Gross Unrealized Appreciation | 4,089 | 3,847 |
Gross Unrealized Depreciation | 269 | 295 |
Fair Value | 180,401 | 181,687 |
Corporate bonds | Health care | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 75,951 | 81,211 |
Gross Unrealized Appreciation | 2,039 | 2,063 |
Gross Unrealized Depreciation | 37 | 151 |
Fair Value | 77,953 | 83,123 |
Corporate bonds | Technology, media and telecommunications | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 143,113 | 143,402 |
Gross Unrealized Appreciation | 2,562 | 2,029 |
Gross Unrealized Depreciation | 700 | 819 |
Fair Value | 144,975 | 144,612 |
Corporate bonds | Financial services | ||
HELD-TO-MATURITY | ||
Cost or Amortized Cost | 150 | 150 |
Gross Unrealized Appreciation | 0 | 0 |
Gross Unrealized Depreciation | 0 | 0 |
Fair Value | 150 | 150 |
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 272,088 | 269,981 |
Gross Unrealized Appreciation | 5,720 | 5,328 |
Gross Unrealized Depreciation | 929 | 1,358 |
Fair Value | 276,879 | 273,951 |
Mortgage-backed securities | ||
HELD-TO-MATURITY | ||
Cost or Amortized Cost | 45 | 48 |
Gross Unrealized Appreciation | 1 | 1 |
Gross Unrealized Depreciation | 0 | 0 |
Fair Value | 46 | 49 |
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 16,366 | 17,288 |
Gross Unrealized Appreciation | 166 | 201 |
Gross Unrealized Depreciation | 250 | 241 |
Fair Value | 16,282 | 17,248 |
U.S. Treasury | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 22,142 | 23,216 |
Gross Unrealized Appreciation | 73 | 87 |
Gross Unrealized Depreciation | 100 | 108 |
Fair Value | 22,115 | 23,195 |
U.S. government agency | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 70,671 | 76,692 |
Gross Unrealized Appreciation | 1,426 | 1,445 |
Gross Unrealized Depreciation | 438 | 540 |
Fair Value | 71,659 | 77,597 |
States, municipalities and political subdivisions | General obligations: | Midwest | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 133,706 | 143,747 |
Gross Unrealized Appreciation | 1,873 | 1,808 |
Gross Unrealized Depreciation | 1,068 | 1,412 |
Fair Value | 134,511 | 144,143 |
States, municipalities and political subdivisions | General obligations: | Northeast | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 56,241 | 57,731 |
Gross Unrealized Appreciation | 1,042 | 909 |
Gross Unrealized Depreciation | 177 | 231 |
Fair Value | 57,106 | 58,409 |
States, municipalities and political subdivisions | General obligations: | South | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 144,366 | 129,475 |
Gross Unrealized Appreciation | 1,455 | 1,249 |
Gross Unrealized Depreciation | 2,298 | 2,355 |
Fair Value | 143,523 | 128,369 |
States, municipalities and political subdivisions | General obligations: | West | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 123,026 | 114,524 |
Gross Unrealized Appreciation | 1,558 | 1,380 |
Gross Unrealized Depreciation | 1,839 | 2,173 |
Fair Value | 122,745 | 113,731 |
States, municipalities and political subdivisions | Special revenue: | Midwest | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 165,789 | 167,430 |
Gross Unrealized Appreciation | 2,412 | 2,313 |
Gross Unrealized Depreciation | 1,326 | 1,433 |
Fair Value | 166,875 | 168,310 |
States, municipalities and political subdivisions | Special revenue: | Northeast | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 72,489 | 70,202 |
Gross Unrealized Appreciation | 558 | 487 |
Gross Unrealized Depreciation | 2,323 | 2,624 |
Fair Value | 70,724 | 68,065 |
States, municipalities and political subdivisions | Special revenue: | South | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 258,835 | 244,225 |
Gross Unrealized Appreciation | 2,020 | 1,753 |
Gross Unrealized Depreciation | 5,954 | 6,791 |
Fair Value | 254,901 | 239,187 |
States, municipalities and political subdivisions | Special revenue: | West | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 148,390 | 134,287 |
Gross Unrealized Appreciation | 1,701 | 1,509 |
Gross Unrealized Depreciation | 3,717 | 4,052 |
Fair Value | 146,374 | 131,744 |
Foreign bonds | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 59,295 | 62,995 |
Gross Unrealized Appreciation | 2,076 | 2,239 |
Gross Unrealized Depreciation | 0 | 0 |
Fair Value | 61,371 | 65,234 |
Public utilities | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 211,412 | 212,360 |
Gross Unrealized Appreciation | 3,987 | 3,761 |
Gross Unrealized Depreciation | 427 | 447 |
Fair Value | 214,972 | 215,674 |
Government national mortgage association | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 156,554 | 145,947 |
Gross Unrealized Appreciation | 1,483 | 1,279 |
Gross Unrealized Depreciation | 2,451 | 2,766 |
Fair Value | 155,586 | 144,460 |
Federal home loan mortgage corporation | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 178,052 | 176,226 |
Gross Unrealized Appreciation | 1,886 | 1,638 |
Gross Unrealized Depreciation | 3,453 | 3,406 |
Fair Value | 176,485 | 174,458 |
Federal national mortgage association | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 99,420 | 101,414 |
Gross Unrealized Appreciation | 1,907 | 1,816 |
Gross Unrealized Depreciation | 1,090 | 1,334 |
Fair Value | 100,237 | 101,896 |
Asset-backed securities | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 4,367 | 4,407 |
Gross Unrealized Appreciation | 147 | 145 |
Gross Unrealized Depreciation | 186 | 282 |
Fair Value | 4,328 | 4,270 |
Equity securities: | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 67,977 | 68,504 |
Gross Unrealized Appreciation | 208,209 | 202,458 |
Gross Unrealized Depreciation | 502 | 546 |
Fair Value | 275,684 | 270,416 |
Common stocks | Energy | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 6,514 | 6,514 |
Gross Unrealized Appreciation | 7,828 | 8,555 |
Gross Unrealized Depreciation | 29 | 22 |
Fair Value | 14,313 | 15,047 |
Common stocks | Industrials | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 13,117 | 13,252 |
Gross Unrealized Appreciation | 42,387 | 38,715 |
Gross Unrealized Depreciation | 175 | 173 |
Fair Value | 55,329 | 51,794 |
Common stocks | Consumer goods and services | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 10,074 | 10,324 |
Gross Unrealized Appreciation | 15,272 | 13,851 |
Gross Unrealized Depreciation | 64 | 58 |
Fair Value | 25,282 | 24,117 |
Common stocks | Health care | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 7,763 | 7,763 |
Gross Unrealized Appreciation | 22,065 | 19,657 |
Gross Unrealized Depreciation | 0 | 0 |
Fair Value | 29,828 | 27,420 |
Common stocks | Technology, media and telecommunications | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 6,009 | 5,931 |
Gross Unrealized Appreciation | 9,355 | 9,476 |
Gross Unrealized Depreciation | 59 | 38 |
Fair Value | 15,305 | 15,369 |
Common stocks | Financial services | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 17,069 | 17,289 |
Gross Unrealized Appreciation | 96,587 | 98,728 |
Gross Unrealized Depreciation | 50 | 67 |
Fair Value | 113,606 | 115,950 |
Common stocks | Public utilities | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 6,394 | 6,394 |
Gross Unrealized Appreciation | 14,691 | 13,465 |
Gross Unrealized Depreciation | 125 | 188 |
Fair Value | 20,960 | 19,671 |
Nonredeemable preferred stocks | ||
AVAILABLE-FOR-SALE | ||
Cost or Amortized Cost | 1,037 | 1,037 |
Gross Unrealized Appreciation | 24 | 11 |
Gross Unrealized Depreciation | 0 | 0 |
Fair Value | $ 1,061 | $ 1,048 |
Summary of Investments (Maturit
Summary of Investments (Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Held-To-Maturity, Amortized Cost | ||
Due in one year or less | $ 150 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Amortized Cost | 195 | $ 198 |
Held-To-Maturity, Fair Value | ||
Due in one year or less | 150 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Fair Value | 196 | 199 |
Available-For-Sale, Amortized Cost | ||
Due in one year or less | 125,861 | |
Due after one year through five years | 814,770 | |
Due after five years through 10 years | 802,379 | |
Due after 10 years | 716,755 | |
Amortized Cost | 2,982,501 | 2,956,009 |
Available-For-Sale, Fair Value | ||
Due in one year or less | 126,941 | |
Due after one year through five years | 835,999 | |
Due after five years through 10 years | 812,933 | |
Due after 10 years | 703,397 | |
Fair Value | 3,207,872 | 3,168,542 |
Trading, Amortized Cost | ||
Due in one year or less | 2,593 | |
Due after one year through five years | 7,213 | |
Due after five years through 10 years | 1,302 | |
Due after 10 years | 2,156 | |
Amortized Cost | 13,264 | 13,054 |
Trading, Fair Value | ||
Due in one year or less | 2,815 | |
Due after one year through five years | 8,396 | |
Due after five years through 10 years | 1,377 | |
Due after 10 years | 2,383 | |
Fair Value | 14,971 | 14,390 |
Fixed Maturities | ||
Held-To-Maturity, Amortized Cost | ||
Amortized Cost | 195 | 198 |
Held-To-Maturity, Fair Value | ||
Fair Value | 196 | 199 |
Available-For-Sale, Amortized Cost | ||
Amortized Cost | 2,914,524 | 2,887,505 |
Available-For-Sale, Fair Value | ||
Fair Value | 2,932,188 | 2,898,126 |
Trading, Amortized Cost | ||
Amortized Cost | 13,264 | |
Trading, Fair Value | ||
Fair Value | 14,971 | |
Asset-backed securities | ||
Held-To-Maturity, Amortized Cost | ||
Securities not categorized by contractual maturity | 0 | |
Held-To-Maturity, Fair Value | ||
Securities not categorized by contractual maturity | 0 | |
Available-For-Sale, Amortized Cost | ||
Securities not categorized by contractual maturity | 4,367 | |
Amortized Cost | 4,367 | 4,407 |
Available-For-Sale, Fair Value | ||
Securities not categorized by contractual maturity | 4,328 | |
Fair Value | 4,328 | 4,270 |
Mortgage-backed securities | ||
Held-To-Maturity, Amortized Cost | ||
Securities not categorized by contractual maturity | 45 | |
Amortized Cost | 45 | 48 |
Held-To-Maturity, Fair Value | ||
Securities not categorized by contractual maturity | 46 | |
Fair Value | 46 | 49 |
Available-For-Sale, Amortized Cost | ||
Securities not categorized by contractual maturity | 16,366 | |
Amortized Cost | 16,366 | 17,288 |
Available-For-Sale, Fair Value | ||
Securities not categorized by contractual maturity | 16,282 | |
Fair Value | 16,282 | $ 17,248 |
Collateralized mortgage obligations | ||
Held-To-Maturity, Amortized Cost | ||
Securities not categorized by contractual maturity | 0 | |
Held-To-Maturity, Fair Value | ||
Securities not categorized by contractual maturity | 0 | |
Available-For-Sale, Amortized Cost | ||
Securities not categorized by contractual maturity | 434,026 | |
Available-For-Sale, Fair Value | ||
Securities not categorized by contractual maturity | $ 432,308 |
Summary of Investments (Net Rea
Summary of Investments (Net Realized Investment Gains and Losses and Proceeds) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | $ 3,954 | $ 2,055 |
Available-for-sale Securities [Abstract] | ||
Proceeds from sales | 5,059 | 1,968 |
Gross realized gains | 2,222 | 921 |
Fixed maturities: | Available-for-sale | ||
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | 1,995 | 516 |
Fixed maturities: | Change in fair value | ||
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | 371 | 273 |
Fixed maturities: | Sales | ||
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | 57 | 0 |
Equity securities: | Available-for-sale | ||
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | 1,410 | 984 |
Equity securities: | Change in fair value | ||
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | 111 | 93 |
Equity securities: | Sales | ||
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | 10 | 0 |
Short-term investments | ||
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | 0 | 43 |
Cash equivalents | ||
Gain (Loss) on Investments [Line Items] | ||
Total net realized investment gains | $ 0 | $ 146 |
Summary of Investments (Narrati
Summary of Investments (Narratives) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Investments [Abstract] | |||
Sale of held-to-maturity securities | $ 0 | $ 0 | |
Trading securities | 21,154,000 | $ 20,034,000 | |
Remaining potential contractual obligation | 6,868,000 | ||
Maximum | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Largest unrealized loss greater than 12 months on an individual security | $ 159,000 |
Summary of Investments (Unreali
Summary of Investments (Unrealized Appreciation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Change in net unrealized investment appreciation | ||
Available-for-sale fixed maturities | $ 7,043 | $ 52,556 |
Available-for-sale equity securities | 5,795 | 1,359 |
Deferred policy acquisition costs | (1,277) | (11,685) |
Income tax effect | (4,046) | (14,781) |
Total change in net unrealized investment appreciation, net of tax | $ 7,515 | $ 27,449 |
Summary of Investments (Investm
Summary of Investments (Investments in Unrealized Loss Position) (Details) $ in Thousands | Mar. 31, 2017USD ($)issue | Dec. 31, 2016USD ($)issue |
Number of Issues | ||
Less than 12 months | issue | 466 | 567 |
12 months or longer | issue | 55 | 55 |
Fair Value | ||
Less than 12 months | $ 925,223 | $ 1,060,938 |
12 months or longer | 52,451 | 53,798 |
Total | 977,674 | 1,114,736 |
Gross Unrealized Depreciation | ||
Less than 12 months | 27,857 | 32,167 |
12 months or longer | 2,368 | 2,598 |
Total | $ 30,225 | $ 34,765 |
U.S. Treasury | ||
Number of Issues | ||
Less than 12 months | issue | 11 | 9 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 11,779 | $ 10,800 |
12 months or longer | 0 | 0 |
Total | 11,779 | 10,800 |
Gross Unrealized Depreciation | ||
Less than 12 months | 100 | 108 |
12 months or longer | 0 | 0 |
Total | $ 100 | $ 108 |
U.S. government agency | ||
Number of Issues | ||
Less than 12 months | issue | 9 | 10 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 33,651 | $ 36,593 |
12 months or longer | 0 | 0 |
Total | 33,651 | 36,593 |
Gross Unrealized Depreciation | ||
Less than 12 months | 438 | 540 |
12 months or longer | 0 | 0 |
Total | $ 438 | $ 540 |
Fixed Maturities | ||
Number of Issues | ||
Less than 12 months | issue | 453 | 554 |
12 months or longer | issue | 31 | 33 |
Fair Value | ||
Less than 12 months | $ 924,865 | $ 1,060,577 |
12 months or longer | 51,417 | 53,078 |
Total | 976,282 | 1,113,655 |
Gross Unrealized Depreciation | ||
Less than 12 months | 27,836 | 32,104 |
12 months or longer | 1,887 | 2,115 |
Total | $ 29,723 | $ 34,219 |
States, municipalities and political subdivisions | General obligations: | Midwest | ||
Number of Issues | ||
Less than 12 months | issue | 16 | 27 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 32,139 | $ 40,545 |
12 months or longer | 0 | 0 |
Total | 32,139 | 40,545 |
Gross Unrealized Depreciation | ||
Less than 12 months | 1,068 | 1,412 |
12 months or longer | 0 | 0 |
Total | $ 1,068 | $ 1,412 |
States, municipalities and political subdivisions | General obligations: | Northeast | ||
Number of Issues | ||
Less than 12 months | issue | 4 | 9 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 6,939 | $ 9,874 |
12 months or longer | 0 | 0 |
Total | 6,939 | 9,874 |
Gross Unrealized Depreciation | ||
Less than 12 months | 177 | 231 |
12 months or longer | 0 | 0 |
Total | $ 177 | $ 231 |
States, municipalities and political subdivisions | General obligations: | South | ||
Number of Issues | ||
Less than 12 months | issue | 28 | 37 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 60,252 | $ 53,699 |
12 months or longer | 0 | 0 |
Total | 60,252 | 53,699 |
Gross Unrealized Depreciation | ||
Less than 12 months | 2,298 | 2,355 |
12 months or longer | 0 | 0 |
Total | $ 2,298 | $ 2,355 |
States, municipalities and political subdivisions | General obligations: | West | ||
Number of Issues | ||
Less than 12 months | issue | 23 | 30 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 48,967 | $ 55,265 |
12 months or longer | 0 | 0 |
Total | 48,967 | 55,265 |
Gross Unrealized Depreciation | ||
Less than 12 months | 1,839 | 2,173 |
12 months or longer | 0 | 0 |
Total | $ 1,839 | $ 2,173 |
States, municipalities and political subdivisions | Special revenue: | Midwest | ||
Number of Issues | ||
Less than 12 months | issue | 30 | 41 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 51,512 | $ 62,937 |
12 months or longer | 0 | 0 |
Total | 51,512 | 62,937 |
Gross Unrealized Depreciation | ||
Less than 12 months | 1,326 | 1,433 |
12 months or longer | 0 | 0 |
Total | $ 1,326 | $ 1,433 |
States, municipalities and political subdivisions | Special revenue: | Northeast | ||
Number of Issues | ||
Less than 12 months | issue | 21 | 22 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 51,512 | $ 54,993 |
12 months or longer | 0 | 0 |
Total | 51,512 | 54,993 |
Gross Unrealized Depreciation | ||
Less than 12 months | 2,323 | 2,624 |
12 months or longer | 0 | 0 |
Total | $ 2,323 | $ 2,624 |
States, municipalities and political subdivisions | Special revenue: | South | ||
Number of Issues | ||
Less than 12 months | issue | 69 | 79 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 142,601 | $ 152,979 |
12 months or longer | 0 | 0 |
Total | 142,601 | 152,979 |
Gross Unrealized Depreciation | ||
Less than 12 months | 5,954 | 6,791 |
12 months or longer | 0 | 0 |
Total | $ 5,954 | $ 6,791 |
States, municipalities and political subdivisions | Special revenue: | West | ||
Number of Issues | ||
Less than 12 months | issue | 36 | 44 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 75,008 | $ 81,676 |
12 months or longer | 0 | 0 |
Total | 75,008 | 81,676 |
Gross Unrealized Depreciation | ||
Less than 12 months | 3,717 | 4,052 |
12 months or longer | 0 | 0 |
Total | $ 3,717 | $ 4,052 |
Public utilities | ||
Number of Issues | ||
Less than 12 months | issue | 17 | 20 |
12 months or longer | issue | 3 | 2 |
Fair Value | ||
Less than 12 months | $ 32,195 | $ 38,511 |
12 months or longer | 2,107 | 2,122 |
Total | 34,302 | 40,633 |
Gross Unrealized Depreciation | ||
Less than 12 months | 389 | 423 |
12 months or longer | 38 | 24 |
Total | $ 427 | $ 447 |
Corporate bonds | Energy | ||
Number of Issues | ||
Less than 12 months | issue | 4 | 8 |
12 months or longer | issue | 1 | 3 |
Fair Value | ||
Less than 12 months | $ 6,951 | $ 15,938 |
12 months or longer | 4,174 | 8,232 |
Total | 11,125 | 24,170 |
Gross Unrealized Depreciation | ||
Less than 12 months | 173 | 313 |
12 months or longer | 20 | 106 |
Total | $ 193 | $ 419 |
Corporate bonds | Industrials | ||
Number of Issues | ||
Less than 12 months | issue | 16 | 24 |
12 months or longer | issue | 2 | 3 |
Fair Value | ||
Less than 12 months | $ 26,794 | $ 42,854 |
12 months or longer | 4,758 | 5,641 |
Total | 31,552 | 48,495 |
Gross Unrealized Depreciation | ||
Less than 12 months | 297 | 596 |
12 months or longer | 201 | 386 |
Total | $ 498 | $ 982 |
Corporate bonds | Consumer goods and services | ||
Number of Issues | ||
Less than 12 months | issue | 11 | 11 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 20,912 | $ 21,059 |
12 months or longer | 0 | 0 |
Total | 20,912 | 21,059 |
Gross Unrealized Depreciation | ||
Less than 12 months | 269 | 295 |
12 months or longer | 0 | 0 |
Total | $ 269 | $ 295 |
Corporate bonds | Technology, media and telecommunications | ||
Number of Issues | ||
Less than 12 months | issue | 13 | 16 |
12 months or longer | issue | 3 | 3 |
Fair Value | ||
Less than 12 months | $ 32,671 | $ 41,230 |
12 months or longer | 10,222 | 10,241 |
Total | 42,893 | 51,471 |
Gross Unrealized Depreciation | ||
Less than 12 months | 397 | 516 |
12 months or longer | 303 | 303 |
Total | $ 700 | $ 819 |
Corporate bonds | Health care | ||
Number of Issues | ||
Less than 12 months | issue | 3 | 9 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 8,472 | $ 20,918 |
12 months or longer | 0 | 0 |
Total | 8,472 | 20,918 |
Gross Unrealized Depreciation | ||
Less than 12 months | 37 | 151 |
12 months or longer | 0 | 0 |
Total | $ 37 | $ 151 |
Corporate bonds | Financial services | ||
Number of Issues | ||
Less than 12 months | issue | 24 | 37 |
12 months or longer | issue | 0 | 0 |
Fair Value | ||
Less than 12 months | $ 51,512 | $ 75,286 |
12 months or longer | 0 | 0 |
Total | 51,512 | 75,286 |
Gross Unrealized Depreciation | ||
Less than 12 months | 929 | 1,358 |
12 months or longer | 0 | 0 |
Total | $ 929 | $ 1,358 |
Mortgage-backed securities | ||
Number of Issues | ||
Less than 12 months | issue | 19 | 16 |
12 months or longer | issue | 4 | 5 |
Fair Value | ||
Less than 12 months | $ 9,301 | $ 9,611 |
12 months or longer | 1,087 | 1,198 |
Total | 10,388 | 10,809 |
Gross Unrealized Depreciation | ||
Less than 12 months | 195 | 187 |
12 months or longer | 55 | 54 |
Total | $ 250 | $ 241 |
Government national mortgage association | ||
Number of Issues | ||
Less than 12 months | issue | 36 | 36 |
12 months or longer | issue | 10 | 9 |
Fair Value | ||
Less than 12 months | $ 82,052 | $ 82,430 |
12 months or longer | 17,273 | 13,603 |
Total | 99,325 | 96,033 |
Gross Unrealized Depreciation | ||
Less than 12 months | 1,830 | 2,261 |
12 months or longer | 621 | 505 |
Total | $ 2,451 | $ 2,766 |
Federal home loan mortgage corporation | ||
Number of Issues | ||
Less than 12 months | issue | 40 | 41 |
12 months or longer | issue | 3 | 3 |
Fair Value | ||
Less than 12 months | $ 100,351 | $ 105,775 |
12 months or longer | 4,969 | 5,141 |
Total | 105,320 | 110,916 |
Gross Unrealized Depreciation | ||
Less than 12 months | 3,223 | 3,165 |
12 months or longer | 230 | 241 |
Total | $ 3,453 | $ 3,406 |
Federal national mortgage association | ||
Number of Issues | ||
Less than 12 months | issue | 23 | 27 |
12 months or longer | issue | 4 | 4 |
Fair Value | ||
Less than 12 months | $ 39,294 | $ 46,633 |
12 months or longer | 4,180 | 4,341 |
Total | 43,474 | 50,974 |
Gross Unrealized Depreciation | ||
Less than 12 months | 857 | 1,091 |
12 months or longer | 233 | 243 |
Total | $ 1,090 | $ 1,334 |
Asset-backed Securities [Member] | ||
Number of Issues | ||
Less than 12 months | issue | 0 | 1 |
12 months or longer | issue | 1 | 1 |
Fair Value | ||
Less than 12 months | $ 0 | $ 971 |
12 months or longer | 2,647 | 2,559 |
Total | 2,647 | 3,530 |
Gross Unrealized Depreciation | ||
Less than 12 months | 0 | 29 |
12 months or longer | 186 | 253 |
Total | $ 186 | $ 282 |
Common stocks | Energy | ||
Number of Issues | ||
Less than 12 months | issue | 1 | 0 |
12 months or longer | issue | 1 | 1 |
Fair Value | ||
Less than 12 months | $ 190 | $ 0 |
12 months or longer | 158 | 163 |
Total | 348 | 163 |
Gross Unrealized Depreciation | ||
Less than 12 months | 2 | 0 |
12 months or longer | 27 | 22 |
Total | $ 29 | $ 22 |
Common stocks | Industrials | ||
Number of Issues | ||
Less than 12 months | issue | 0 | 0 |
12 months or longer | issue | 6 | 6 |
Fair Value | ||
Less than 12 months | $ 0 | $ 0 |
12 months or longer | 237 | 239 |
Total | 237 | 239 |
Gross Unrealized Depreciation | ||
Less than 12 months | 0 | 0 |
12 months or longer | 175 | 173 |
Total | $ 175 | $ 173 |
Common stocks | Consumer goods and services | ||
Number of Issues | ||
Less than 12 months | issue | 1 | 3 |
12 months or longer | issue | 4 | 2 |
Fair Value | ||
Less than 12 months | $ 22 | $ 282 |
12 months or longer | 269 | 15 |
Total | 291 | 297 |
Gross Unrealized Depreciation | ||
Less than 12 months | 1 | 55 |
12 months or longer | 63 | 3 |
Total | $ 64 | $ 58 |
Common stocks | Technology, media and telecommunications | ||
Number of Issues | ||
Less than 12 months | issue | 8 | 7 |
12 months or longer | issue | 8 | 8 |
Fair Value | ||
Less than 12 months | $ 93 | $ 26 |
12 months or longer | 22 | 33 |
Total | 115 | 59 |
Gross Unrealized Depreciation | ||
Less than 12 months | 16 | 5 |
12 months or longer | 43 | 33 |
Total | $ 59 | $ 38 |
Common stocks | Financial services | ||
Number of Issues | ||
Less than 12 months | issue | 3 | 3 |
12 months or longer | issue | 2 | 2 |
Fair Value | ||
Less than 12 months | $ 53 | $ 53 |
12 months or longer | 165 | 150 |
Total | 218 | 203 |
Gross Unrealized Depreciation | ||
Less than 12 months | 2 | 3 |
12 months or longer | 48 | 64 |
Total | $ 50 | $ 67 |
Common stocks | Public utilities | ||
Number of Issues | ||
Less than 12 months | issue | 0 | 0 |
12 months or longer | issue | 3 | 3 |
Fair Value | ||
Less than 12 months | $ 0 | $ 0 |
12 months or longer | 183 | 120 |
Total | 183 | 120 |
Gross Unrealized Depreciation | ||
Less than 12 months | 0 | 0 |
12 months or longer | 125 | 188 |
Total | $ 125 | $ 188 |
Equity securities: | ||
Number of Issues | ||
Less than 12 months | issue | 13 | 13 |
12 months or longer | issue | 24 | 22 |
Fair Value | ||
Less than 12 months | $ 358 | $ 361 |
12 months or longer | 1,034 | 720 |
Total | 1,392 | 1,081 |
Gross Unrealized Depreciation | ||
Less than 12 months | 21 | 63 |
12 months or longer | 481 | 483 |
Total | $ 502 | $ 546 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Narrative) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Rabbi Trust | Other Assets | Level 2 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash surrender value | $ 3 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Carrying Value and Estimated Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investments | ||
Held-to-maturity securities | $ 196 | $ 199 |
Available-for-sale securities | 3,207,872 | 3,168,542 |
Trading securities | 21,154 | 20,034 |
Fair Value | ||
Investments | ||
Mortgage loans | 3,817 | 3,895 |
Policy loans | 5,396 | 5,366 |
Other long-term investments | 67,024 | 67,639 |
Short-term investments | 175 | 175 |
Cash and cash equivalents | 93,656 | 110,853 |
Corporate-owned life insurance | 3,000 | 2,592 |
Policy reserves | ||
Annuity (accumulations) | 640,973 | 646,764 |
Annuity (benefit payments) | 142,968 | 144,283 |
Fair Value | Fixed maturities: | ||
Investments | ||
Held-to-maturity securities | 196 | 199 |
Available-for-sale securities | 2,932,188 | 2,898,126 |
Trading securities | 14,971 | 14,390 |
Fair Value | Equity securities: | ||
Investments | ||
Available-for-sale securities | 275,684 | 270,416 |
Trading securities | 6,183 | 5,644 |
Carrying Value | ||
Investments | ||
Mortgage loans | 3,640 | 3,706 |
Policy loans | 5,396 | 5,366 |
Other long-term investments | 67,024 | 67,639 |
Short-term investments | 175 | 175 |
Cash and cash equivalents | 93,656 | 110,853 |
Corporate-owned life insurance | 3,000 | 2,592 |
Policy reserves | ||
Annuity (accumulations) | 649,395 | 666,711 |
Annuity (benefit payments) | 94,385 | 95,129 |
Carrying Value | Fixed maturities: | ||
Investments | ||
Held-to-maturity securities | 195 | 198 |
Available-for-sale securities | 2,932,188 | 2,898,126 |
Trading securities | 14,971 | 14,390 |
Carrying Value | Equity securities: | ||
Investments | ||
Available-for-sale securities | 275,684 | 270,416 |
Trading securities | $ 6,183 | $ 5,644 |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Financial Instruments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 3,207,872 | $ 3,168,542 |
Trading securities | 21,154 | 20,034 |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 22,115 | 23,195 |
U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 71,659 | 77,597 |
States, municipalities and political subdivisions | General obligations: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 134,511 | 144,143 |
States, municipalities and political subdivisions | General obligations: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57,106 | 58,409 |
States, municipalities and political subdivisions | General obligations: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 143,523 | 128,369 |
States, municipalities and political subdivisions | General obligations: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 122,745 | 113,731 |
States, municipalities and political subdivisions | Special revenue: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 166,875 | 168,310 |
States, municipalities and political subdivisions | Special revenue: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 70,724 | 68,065 |
States, municipalities and political subdivisions | Special revenue: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 254,901 | 239,187 |
States, municipalities and political subdivisions | Special revenue: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 146,374 | 131,744 |
Foreign bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 61,371 | 65,234 |
Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 214,972 | 215,674 |
Corporate bonds | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 105,191 | 108,860 |
Corporate bonds | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 226,995 | 229,903 |
Corporate bonds | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 180,401 | 181,687 |
Corporate bonds | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 77,953 | 83,123 |
Corporate bonds | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 144,975 | 144,612 |
Corporate bonds | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 276,879 | 273,951 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 16,282 | 17,248 |
Government national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 155,586 | 144,460 |
Federal home loan mortgage corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 176,485 | 174,458 |
Federal national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 100,237 | 101,896 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,328 | 4,270 |
Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,932,188 | 2,898,126 |
Common stocks | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 14,313 | 15,047 |
Common stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 55,329 | 51,794 |
Common stocks | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 25,282 | 24,117 |
Common stocks | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 29,828 | 27,420 |
Common stocks | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 15,305 | 15,369 |
Common stocks | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 113,606 | 115,950 |
Common stocks | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 20,960 | 19,671 |
Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,061 | 1,048 |
Equity securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 275,684 | 270,416 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,207,872 | 3,168,542 |
Trading securities | 21,154 | 20,034 |
Short-Term Investments | 175 | 175 |
Money Market Accounts | 19,124 | 16,802 |
Corporate-Owned Life Insurance | 3,000 | 2,592 |
Total Assets Measured at Fair Value | 3,251,325 | 3,208,145 |
Recurring | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 22,115 | 23,195 |
Recurring | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 71,659 | 77,597 |
Recurring | States, municipalities and political subdivisions | General obligations: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 134,511 | 144,143 |
Recurring | States, municipalities and political subdivisions | General obligations: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57,106 | 58,409 |
Recurring | States, municipalities and political subdivisions | General obligations: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 143,523 | 128,369 |
Recurring | States, municipalities and political subdivisions | General obligations: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 122,745 | 113,731 |
Recurring | States, municipalities and political subdivisions | Special revenue: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 166,875 | 168,310 |
Recurring | States, municipalities and political subdivisions | Special revenue: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 70,724 | 68,065 |
Recurring | States, municipalities and political subdivisions | Special revenue: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 254,901 | 239,187 |
Recurring | States, municipalities and political subdivisions | Special revenue: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 146,374 | 131,744 |
Recurring | Foreign bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 61,371 | 65,234 |
Recurring | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 214,972 | 215,674 |
Recurring | Corporate bonds | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 105,191 | 108,860 |
Recurring | Corporate bonds | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 226,995 | 229,903 |
Trading securities | 3,761 | 3,919 |
Recurring | Corporate bonds | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 180,401 | 181,687 |
Trading securities | 143 | 127 |
Recurring | Corporate bonds | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 77,953 | 83,123 |
Trading securities | 3,597 | 3,410 |
Recurring | Corporate bonds | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 144,975 | 144,612 |
Trading securities | 1,195 | 787 |
Recurring | Corporate bonds | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 276,879 | 273,951 |
Trading securities | 4,567 | 4,842 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 16,282 | 17,248 |
Recurring | Government national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 155,586 | 144,460 |
Recurring | Federal home loan mortgage corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 176,485 | 174,458 |
Recurring | Federal national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 100,237 | 101,896 |
Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,328 | 4,270 |
Trading securities | 0 | |
Recurring | Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,932,188 | 2,898,126 |
Recurring | Common stocks | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 14,313 | 15,047 |
Recurring | Common stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 55,329 | 51,794 |
Recurring | Common stocks | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 25,282 | 24,117 |
Recurring | Common stocks | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 29,828 | 27,420 |
Recurring | Common stocks | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 15,305 | 15,369 |
Recurring | Common stocks | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 113,606 | 115,950 |
Recurring | Common stocks | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 20,960 | 19,671 |
Recurring | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,061 | 1,048 |
Trading securities | 2,680 | 2,121 |
Recurring | Equity securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 275,684 | 270,416 |
Recurring | Equity securities: | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 231 | 286 |
Recurring | Equity securities: | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 897 | 877 |
Recurring | Equity securities: | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,168 | 1,202 |
Recurring | Equity securities: | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 366 | 339 |
Recurring | Equity securities: | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 220 | 206 |
Recurring | Equity securities: | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 621 | 613 |
Recurring | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,708 | 1,305 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 270,966 | 265,829 |
Trading securities | 7,891 | 6,949 |
Short-Term Investments | 175 | 175 |
Money Market Accounts | 19,124 | 16,802 |
Corporate-Owned Life Insurance | 0 | 0 |
Total Assets Measured at Fair Value | 298,156 | 289,755 |
Recurring | Level 1 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | States, municipalities and political subdivisions | General obligations: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | States, municipalities and political subdivisions | General obligations: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | States, municipalities and political subdivisions | General obligations: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | States, municipalities and political subdivisions | General obligations: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | States, municipalities and political subdivisions | Special revenue: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | States, municipalities and political subdivisions | Special revenue: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | States, municipalities and political subdivisions | Special revenue: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | States, municipalities and political subdivisions | Special revenue: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Foreign bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Corporate bonds | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Corporate bonds | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 1 | Corporate bonds | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 1 | Corporate bonds | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 1 | Corporate bonds | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 1 | Corporate bonds | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Government national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Federal home loan mortgage corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Federal national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | |
Recurring | Level 1 | Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Common stocks | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 14,313 | 15,047 |
Recurring | Level 1 | Common stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 55,329 | 51,794 |
Recurring | Level 1 | Common stocks | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 25,282 | 24,117 |
Recurring | Level 1 | Common stocks | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 29,828 | 27,420 |
Recurring | Level 1 | Common stocks | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 15,305 | 15,369 |
Recurring | Level 1 | Common stocks | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 109,483 | 111,958 |
Recurring | Level 1 | Common stocks | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 20,960 | 19,671 |
Recurring | Level 1 | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 466 | 453 |
Trading securities | 2,680 | 2,121 |
Recurring | Level 1 | Equity securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 270,966 | 265,829 |
Recurring | Level 1 | Equity securities: | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 231 | 286 |
Recurring | Level 1 | Equity securities: | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 897 | 877 |
Recurring | Level 1 | Equity securities: | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,168 | 1,202 |
Recurring | Level 1 | Equity securities: | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 366 | 339 |
Recurring | Level 1 | Equity securities: | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 220 | 206 |
Recurring | Level 1 | Equity securities: | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 621 | 613 |
Recurring | Level 1 | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,708 | 1,305 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,922,070 | 2,887,615 |
Trading securities | 13,263 | 13,085 |
Short-Term Investments | 0 | 0 |
Money Market Accounts | 0 | 0 |
Corporate-Owned Life Insurance | 3,000 | 2,592 |
Total Assets Measured at Fair Value | 2,938,333 | 2,903,292 |
Recurring | Level 2 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 22,115 | 23,195 |
Recurring | Level 2 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 71,659 | 77,597 |
Recurring | Level 2 | States, municipalities and political subdivisions | General obligations: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 134,511 | 144,143 |
Recurring | Level 2 | States, municipalities and political subdivisions | General obligations: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57,106 | 58,409 |
Recurring | Level 2 | States, municipalities and political subdivisions | General obligations: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 143,523 | 128,369 |
Recurring | Level 2 | States, municipalities and political subdivisions | General obligations: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 122,745 | 113,731 |
Recurring | Level 2 | States, municipalities and political subdivisions | Special revenue: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 166,707 | 168,142 |
Recurring | Level 2 | States, municipalities and political subdivisions | Special revenue: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 70,724 | 68,065 |
Recurring | Level 2 | States, municipalities and political subdivisions | Special revenue: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 254,901 | 239,187 |
Recurring | Level 2 | States, municipalities and political subdivisions | Special revenue: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 146,374 | 131,744 |
Recurring | Level 2 | Foreign bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 61,371 | 65,234 |
Recurring | Level 2 | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 214,972 | 215,674 |
Recurring | Level 2 | Corporate bonds | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 105,191 | 108,860 |
Recurring | Level 2 | Corporate bonds | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 226,995 | 229,903 |
Trading securities | 3,761 | 3,919 |
Recurring | Level 2 | Corporate bonds | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 179,342 | 180,590 |
Trading securities | 143 | 127 |
Recurring | Level 2 | Corporate bonds | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 77,953 | 83,123 |
Trading securities | 3,597 | 3,410 |
Recurring | Level 2 | Corporate bonds | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 144,975 | 144,612 |
Trading securities | 1,195 | 787 |
Recurring | Level 2 | Corporate bonds | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 268,444 | 265,154 |
Trading securities | 4,567 | 4,842 |
Recurring | Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 16,282 | 17,248 |
Recurring | Level 2 | Government national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 155,586 | 144,460 |
Recurring | Level 2 | Federal home loan mortgage corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 176,485 | 174,458 |
Recurring | Level 2 | Federal national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 100,237 | 101,896 |
Recurring | Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,872 | 3,821 |
Trading securities | 0 | |
Recurring | Level 2 | Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,922,070 | 2,887,615 |
Recurring | Level 2 | Common stocks | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Common stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Common stocks | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Common stocks | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Common stocks | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Common stocks | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Common stocks | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 2 | Equity securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Equity securities: | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 2 | Equity securities: | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 2 | Equity securities: | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 2 | Equity securities: | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 2 | Equity securities: | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 2 | Equity securities: | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 2 | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 14,836 | 15,098 |
Trading securities | 0 | 0 |
Short-Term Investments | 0 | 0 |
Money Market Accounts | 0 | 0 |
Corporate-Owned Life Insurance | 0 | 0 |
Total Assets Measured at Fair Value | 14,836 | 15,098 |
Recurring | Level 3 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | States, municipalities and political subdivisions | General obligations: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | States, municipalities and political subdivisions | General obligations: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | States, municipalities and political subdivisions | General obligations: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | States, municipalities and political subdivisions | General obligations: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | States, municipalities and political subdivisions | Special revenue: | Midwest | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 168 | 168 |
Recurring | Level 3 | States, municipalities and political subdivisions | Special revenue: | Northeast | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | States, municipalities and political subdivisions | Special revenue: | South | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | States, municipalities and political subdivisions | Special revenue: | West | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Foreign bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Corporate bonds | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Corporate bonds | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 3 | Corporate bonds | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,059 | 1,097 |
Trading securities | 0 | 0 |
Recurring | Level 3 | Corporate bonds | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 3 | Corporate bonds | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Recurring | Level 3 | Corporate bonds | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 8,435 | 8,797 |
Trading securities | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Government national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Federal home loan mortgage corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Federal national mortgage association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 456 | 449 |
Trading securities | 0 | |
Recurring | Level 3 | Fixed Maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 10,118 | 10,511 |
Recurring | Level 3 | Common stocks | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Common stocks | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Common stocks | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Common stocks | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Common stocks | Technology, media and telecommunications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Common stocks | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,123 | 3,992 |
Recurring | Level 3 | Common stocks | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Nonredeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 595 | 595 |
Trading securities | 0 | 0 |
Recurring | Level 3 | Equity securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,718 | 4,587 |
Recurring | Level 3 | Equity securities: | Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 3 | Equity securities: | Industrials | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 3 | Equity securities: | Consumer goods and services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 3 | Equity securities: | Health care | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 3 | Equity securities: | Financial services | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 3 | Equity securities: | Public utilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Recurring | Level 3 | Redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 0 | $ 0 |
Fair Value of Financial Instr40
Fair Value of Financial Instruments (Level 3 Securities) (Details) - Recurring $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | $ 15,098 |
Net unrealized gains (losses) | (60) |
Purchases | 145 |
Disposals | (347) |
Ending Balance | 14,836 |
States, municipalities and political subdivisions | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | 168 |
Net unrealized gains (losses) | 0 |
Purchases | 0 |
Disposals | 0 |
Ending Balance | 168 |
Corporate bonds | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | 9,894 |
Net unrealized gains (losses) | (67) |
Purchases | 0 |
Disposals | (333) |
Ending Balance | 9,494 |
Asset-backed securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | 449 |
Net unrealized gains (losses) | 7 |
Purchases | 0 |
Disposals | 0 |
Ending Balance | 456 |
Equities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | 4,587 |
Net unrealized gains (losses) | 0 |
Purchases | 145 |
Disposals | (14) |
Ending Balance | $ 4,718 |
Reserves for Losses and Loss 41
Reserves for Losses and Loss Settlement Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Insurance Loss Reserves [Abstract] | ||
Gross liability for losses and loss settlement expenses at beginning of year | $ 1,123,896 | $ 1,003,895 |
Ceded losses and loss settlement expenses | (59,794) | (54,653) |
Net liability for losses and loss settlement expenses at beginning of year | 1,064,102 | 949,242 |
Losses and loss settlement expenses incurred for claims occurring during | ||
Current year | 181,497 | 683,662 |
Prior years | (24,946) | (31,229) |
Total incurred | 156,551 | 652,433 |
Losses and loss settlement expense payments for claims occurring during | ||
Current year | 39,100 | 277,053 |
Prior years | 97,803 | 260,520 |
Total paid | 136,903 | 537,573 |
Net liability for losses and loss settlement expenses at end of year | 1,083,750 | 1,064,102 |
Ceded loss and loss settlement expenses | 56,969 | 59,794 |
Gross liability for losses and loss settlement expenses at end of year | $ 1,140,719 | $ 1,123,896 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Pension Plan | |||
Net periodic benefit cost | |||
Service cost | $ 1,714 | $ 1,623 | |
Interest cost | 1,765 | 1,663 | |
Expected return on plan assets | (2,412) | (1,988) | |
Amortization of prior service credit | 0 | 0 | |
Amortization of net loss | 890 | 992 | |
Net periodic benefit cost | 1,957 | 2,290 | |
Estimated 2017 pension plan contribution, disclosed in prior year 10K | $ 6,400 | ||
Contribution by employer | 1,596 | ||
Postretirement Benefit Plan | |||
Net periodic benefit cost | |||
Service cost | 505 | 932 | |
Interest cost | 482 | 754 | |
Expected return on plan assets | 0 | 0 | |
Amortization of prior service credit | (1,352) | 0 | |
Amortization of net loss | 461 | 379 | |
Net periodic benefit cost | $ 96 | $ 2,065 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 99 Months Ended | ||||
May 31, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2008 | Dec. 31, 2004 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 1,044 | $ 976 | |||||
Stock-based compensation expense to be recognized through results of operations | $ 11,297 | $ 11,297 | |||||
Employee Stock Award Plan-2008 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for issuance (in shares) | 997,984 | 997,984 | 1,248,651 | 1,900,000 | |||
Additional shares authorized (in shares) | 1,500,000 | 0 | 1,500,000 | ||||
Employee Stock Award Plan-2008 | Options Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 10 years | ||||||
Employee Stock Award Plan-2008 | Restricted Stock Awards | Share-based Compensation Award, Tranche One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Employee Stock Award Plan-2008 | Restricted Stock Awards | Share-based Compensation Award, Tranche Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years | ||||||
Director Plan - 2005 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for issuance (in shares) | 74,771 | 74,771 | 74,771 | 300,000 |
Stock-Based Compensation (Activ
Stock-Based Compensation (Activity in the Stock Plan) (Details) - shares | 1 Months Ended | 3 Months Ended | 99 Months Ended | 147 Months Ended |
May 31, 2014 | Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2017 | |
Employee Stock Award Plan-2008 | ||||
Authorized Shares Available for Future Award Grants | ||||
Beginning balance (in shares) | 1,248,651 | 1,900,000 | ||
Additional shares authorized (in shares) | 1,500,000 | 0 | 1,500,000 | |
Number of awards granted (in shares) | (253,895) | (2,866,461) | ||
Number of awards forfeited or expired (in shares) | 3,228 | 464,445 | ||
Ending balance (in shares) | 997,984 | 997,984 | 997,984 | |
Employee Stock Award Plan-2008 | Options Awards | ||||
Authorized Shares Available for Future Award Grants | ||||
Number of option awards exercised (in shares) | 45,037 | 994,105 | ||
Employee Stock Award Plan-2008 | Unrestricted Stock Awards | ||||
Authorized Shares Available for Future Award Grants | ||||
Number of awards granted (in shares) | 0 | (7,325) | ||
Employee Stock Award Plan-2008 | Restricted Stock Awards | ||||
Authorized Shares Available for Future Award Grants | ||||
Number of restricted stock awards vested (in shares) | 0 | 36,970 | ||
Director Plan - 2005 | ||||
Authorized Shares Available for Future Award Grants | ||||
Beginning balance (in shares) | 74,771 | 300,000 | ||
Number of awards granted (in shares) | 0 | (249,232) | ||
Number of awards forfeited or expired (in shares) | 0 | 24,003 | ||
Ending balance (in shares) | 74,771 | 74,771 | 74,771 | |
Director Plan - 2005 | Options Awards | ||||
Authorized Shares Available for Future Award Grants | ||||
Number of option awards exercised (in shares) | 1,727 | 54,200 | ||
Number of restricted stock awards vested (in shares) | 0 | 31,556 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-based Compensation Expense) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Share-based Compensation [Abstract] | |
2,017 | $ 3,250 |
2,018 | 3,785 |
2,019 | 2,718 |
2,020 | 1,111 |
2,021 | 393 |
2,022 | 40 |
Total | $ 11,297 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)segmentlocation | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of business segments | segment | 2 | ||
Net premiums earned | $ 253,872 | $ 241,298 | |
Investment income, net of investment expenses | 25,035 | 22,224 | |
Net realized investment gains | 3,954 | 2,055 | |
Other income | 198 | 108 | |
Total revenues | 283,059 | 265,685 | |
Net income | 19,936 | 22,427 | |
Assets | 4,096,985 | 3,975,992 | $ 4,054,758 |
Invested assets | $ 3,305,456 | 3,172,329 | $ 3,265,660 |
Property and Casualty Insurance | |||
Segment Reporting Information [Line Items] | |||
Number of domestic locations | location | 6 | ||
Total revenues | $ 251,278 | 231,334 | |
Net income | 18,584 | 22,020 | |
Assets | 2,497,181 | 2,344,686 | |
Invested assets | 1,819,221 | 1,675,088 | |
Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 31,781 | 34,351 | |
Net income | 1,352 | 407 | |
Assets | 1,599,804 | 1,631,306 | |
Invested assets | 1,486,235 | 1,497,241 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 253,872 | 241,298 | |
Investment income, net of investment expenses | 25,055 | 22,261 | |
Net realized investment gains | 3,954 | 2,055 | |
Other income | 198 | 108 | |
Total revenues | 283,079 | 265,722 | |
Operating Segments | Property and Casualty Insurance | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 236,444 | 220,225 | |
Investment income, net of investment expenses | 12,605 | 9,409 | |
Net realized investment gains | 2,249 | 1,737 | |
Other income | 0 | 0 | |
Total revenues | 251,298 | 231,371 | |
Operating Segments | Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 17,428 | 21,073 | |
Investment income, net of investment expenses | 12,450 | 12,852 | |
Net realized investment gains | 1,705 | 318 | |
Other income | 198 | 108 | |
Total revenues | 31,781 | 34,351 | |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (20) | (37) | |
Intersegment eliminations | Property and Casualty Insurance | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (20) | (37) | |
Intersegment eliminations | Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 0 | $ 0 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic and Diluted Earnings per Share [Line Items] | ||
Net income | $ 19,936 | $ 22,427 |
Weighted-average common shares outstanding (in shares) | 25,443,101 | 25,209,888 |
Weighted-average common shares for EPS calculation (in shares) | 25,854,181 | 25,596,437 |
Basic earnings per common share (in dollars per share) | $ 0.78 | $ 0.89 |
Diluted earnings per common share (in dollars per share) | $ 0.77 | $ 0.88 |
Awards excluded from diluted earnings per share calculation (in shares) | 0 | 180,912 |
Restricted Stock Unit Awards | ||
Basic and Diluted Earnings per Share [Line Items] | ||
Add dilutive effect of share-based awards outstanding (in shares) | 248,717 | 154,742 |
Stock Options | ||
Basic and Diluted Earnings per Share [Line Items] | ||
Add dilutive effect of share-based awards outstanding (in shares) | 162,363 | 231,807 |
Credit Facility (Details)
Credit Facility (Details) | Feb. 02, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 100,000,000 | ||
Debt covenant, maximum debt to total capitalization ratio | 0.35 | ||
Outstanding balance on credit facility | $ 0 | $ 0 | |
Interest expense incurred | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 50,000,000 | ||
Credit agreement term | 4 years | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 20,000,000 | ||
Swing Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 5,000,000 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of year | $ 941,884 | |
Change in accumulated other comprehensive income before reclassifications | 9,728 | $ 28,519 |
Reclassification adjustments from accumulated other comprehensive income (loss) | (1,335) | $ (179) |
Balance, end of period | 960,385 | |
Net unrealized appreciation on investments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of year | 133,892 | |
Change in accumulated other comprehensive income before reclassifications | 9,728 | |
Reclassification adjustments from accumulated other comprehensive income (loss) | (2,213) | |
Balance, end of period | 141,407 | |
Liability for underfunded employee benefit costs | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of year | (24,837) | |
Change in accumulated other comprehensive income before reclassifications | 0 | |
Reclassification adjustments from accumulated other comprehensive income (loss) | 878 | |
Balance, end of period | (23,959) | |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of year | 109,055 | |
Change in accumulated other comprehensive income before reclassifications | 9,728 | |
Reclassification adjustments from accumulated other comprehensive income (loss) | (1,335) | |
Balance, end of period | $ 117,448 |